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