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| Budget 2015: Budget surplus delayed by a year | Budget 2015: Budget surplus delayed by a year |
| (35 minutes later) | |
| Chancellor George Osborne has delayed his promised budget surplus by a year. | Chancellor George Osborne has delayed his promised budget surplus by a year. |
| The Office for Budget Responsibility's (OBR) forecasts now predicts a surplus of £10.0bn in 2019-20. | The Office for Budget Responsibility's (OBR) forecasts now predicts a surplus of £10.0bn in 2019-20. |
| In March, the OBR forecast a surplus of £5.2bn in 2018-19, but that has now been revised to a £6.4bn deficit. | In March, the OBR forecast a surplus of £5.2bn in 2018-19, but that has now been revised to a £6.4bn deficit. |
| The OBR had described the March Budget plans as a rollercoaster rise because of the cuts in the first two years of the parliament and increased spending in the last two years. | The OBR had described the March Budget plans as a rollercoaster rise because of the cuts in the first two years of the parliament and increased spending in the last two years. |
| The plans have now been smoothed, with more borrowing in each of the three years following 2015-16. | The plans have now been smoothed, with more borrowing in each of the three years following 2015-16. |
| International organisations such as the OECD had suggested that the government's plans should be smoothed. | International organisations such as the OECD had suggested that the government's plans should be smoothed. |
| In 2016-17, the predicted deficit is up from £39.4bn to £43.1bn, while in 2017-18 it has gone up from £12.8bn to £24.3bn. | In 2016-17, the predicted deficit is up from £39.4bn to £43.1bn, while in 2017-18 it has gone up from £12.8bn to £24.3bn. |
| Mr Osborne told the House of Commons that his economic aims could be "achieved without a rollercoaster ride", describing his new plans as a "smoother rise to the same destination". | Mr Osborne told the House of Commons that his economic aims could be "achieved without a rollercoaster ride", describing his new plans as a "smoother rise to the same destination". |
| The forecast for the deficit in the current financial year has been cut from £75.3bn to £69.5bn. | The forecast for the deficit in the current financial year has been cut from £75.3bn to £69.5bn. |
| Mr Osborne had already cut back the pace of his deficit-cutting in the March Budget, when the surplus in 2019-20 was revised down from £23.1bn to £7.0bn. | Mr Osborne had already cut back the pace of his deficit-cutting in the March Budget, when the surplus in 2019-20 was revised down from £23.1bn to £7.0bn. |
| There were only moderate changes to the OBR's forecasts of economic growth, which has gone down from 2.5% to 2.4% this year. It is unchanged at 2.3% in 2016, rising from 2.3% to 2.4% in the following two years. | There were only moderate changes to the OBR's forecasts of economic growth, which has gone down from 2.5% to 2.4% this year. It is unchanged at 2.3% in 2016, rising from 2.3% to 2.4% in the following two years. |
| The OBR forecast a rise of one million in the number of people employed in the next five years, but Mr Osborne said he aimed to double that. | The OBR forecast a rise of one million in the number of people employed in the next five years, but Mr Osborne said he aimed to double that. |
| Budget in depth | |
| July 2015 Budget full BBC online coverage | |
| BBC Budget Live | |
| HM Treasury link to Budget documents |