Brexit & EconomyPoliticsEmergency Budget: Osborne wants debt to be 1.1% of GDP by 2015

Emergency Budget: Osborne wants debt to be 1.1% of GDP by 2015

Spending cuts and tax rises will keep budget under control

The UK’s borrowing will fall to 1.1% of GDP within five years, Chancellor
George Osborne has predicted in his first budget speech.

Osborne said he aims to bring the deficit back under control, reducing the
debt to less than a tenth of its current levels, to 1.1% of GDP by 2015.

This will be achieved, Osborne claimed, through a round of spending cuts and
tax increases.

“My measures today means 77 % of the total consolidation will be brought
through spending reduction,” he said.

Related Articles

5 key takeaways from Theresa May’s Florence speech

Brexit 5 key takeaways from Theresa May’s Florence speech

3m Alia Shoaib, Reporter
UK at risk of Brexit talent brain-drain

People Practice UK at risk of Brexit talent brain-drain

4m Alia Shoaib, Reporter
Brexit essentials: this week's round-up

Politics Brexit essentials: this week's round-up

4m Alia Shoaib, Reporter
Government publishes post-Brexit customs arrangements policy paper

Politics Government publishes post-Brexit customs arrangements policy paper

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Increased government spending partly offset by high tax revenue

Governance Increased government spending partly offset by high tax revenue

5m Alia Shoaib, Reporter
Less than a third of UK businesses have made formal Brexit plans

Politics Less than a third of UK businesses have made formal Brexit plans

5m Alia Shoaib, Reporter
Nicky Morgan elected Chair of the Treasury Committee

Politics Nicky Morgan elected Chair of the Treasury Committee

5m Alia Shoaib, Reporter