George Osborne is introducing a law banning deficits in normal economic times – but what is ‘normal’, and how common are surpluses elsewhere?George Osborne is introducing a law that bans the government from falling into deficit in “normal” economic times. The main focus of Osborne’s time as chancellor has been cutting the amount of money the government needs to borrow. According to Office for Budgetary Responsibility (OBR) forecasts, the government will be in surplus by 2019-20, a year later than was forecast in the pre-election budget in March. Osborne on Greece: "If the country is not in control of borrowing, the borrowing takes control of the country”.Erm.. pic.twitter.com/EA9eQXC8kg Continue reading...
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