#AceFinanceNews – July.01: Osborne ‘to abandon 2020 budget surplus target’Chancellor George Osborne has abandoned his target to restore government finances to a surplus by 2020, the BBC has learned.
It had been the chancellor’s most prized goal and had been driving austerity measures in previous budgets.
However, the Chancellor said the UK must be “realistic about achieving a surplus by the end of the decade”.
The UK economy is showing “clear signs” of shock in the aftermath of the vote to leave the European Union, he said.
Even before that vote, there were questions over whether Mr Osborne would be able to balance the budget by 2020.
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