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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Africa Europe Latin America Middle East North America Britain vows to eliminate deficit in five years AFP - Wednesday, June 23 Send IM Story Print LONDON (AFP) - – Britain's structural deficit should be eliminated in five years by cutting public spending and raising taxes, finance minister George Osborne said Tuesday in the new government's first budget. "We are on track to have debt falling and a balanced structural current budget by the end of this parliament" in 2014-15, said Osborne, who is a key member of Britain's Conservative-Liberal Democrat coalition government. The Conservative Party had made a key election pledge to eliminate the bulk of the structural deficit within five years. The newly-created Office for Budget Responsibility had forecast last week that Britain's structural deficit -- the level of borrowing which does not fall when the economy recovers -- was higher than expected. The structural deficit was forecast to stand at 8.0 percent of GDP in the current financial year, before falling to 2.8 percent in 2014-15. Recommend Send IM Story Print Related Articles UK-World Summary Reuters - 32 minutes ago Talks on whaling quotas heading for failure - Norway Reuters - 32 minutes ago Hundreds reported missing as 38 dead in Brazil floods Reuters - 1 hour 1 minute ago U.S. sees growing compliance with Iran sanctions Reuters - 1 hour 22 minutes ago Afghan war moves centre-stage in Polish election Reuters - 1 hour 31 minutes ago News Search Top Stories Belarus orders shutdown of Europe-bound Russian gas Mexicans hint that draw will do against Uruguay Belarus leader orders shutdown of Europe gas transit US Afghanistan commander ordered to White House S.African, French football hopes hang by a thread More Top Stories » ADVERTISEMENT Most Popular Most Viewed France's richest woman moves to defuse scandal Volvo recalls nearly 30,000 cars Early menopause doubles risk of heart problems: study N.Korea picks the wrong game to start live broadcasts Oil firms challenge US drilling freeze More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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