Shadow chancellor Ed Balls makes "binding fiscal commitment" if the Labour Party wins next year’s general electionApart from the fact that no politician can possible imagine what's round the corner you do have to laugh at a Labour politician going on about spending as they are very much not their own masters when it comes to budgets. The minute the pinch hits their union masters, the minute the purse strings and borrowing will go through the roof. Ed Balls is a time served follower of the socialist magic money tree philosophy of economics where if money is required, taxes and borrowing go up and keep going up as the various pet projects of the comrades keep getting piled onto the bonfire of vanities. Sure there's a place for looking after those who are struggling, but Labour take it upon themselves to not only gild the lily, but to cover it in an inch of 22 carat gold.
Labour has given a deadline on when it would eliminate Britain’s budget deficit.
Ed Balls will say in a speech on Saturday that the party will clear the £86 billion deficit in current budget spending by 2020 if it wins the next general election.
The shadow chancellor will make a “binding fiscal commitment” that a Labour government will balance the books as soon as possible after 2015 and by May 2020 at the latest.
It is the first time that Mr Balls has given a deadline on eliminating the deficit, which is forecast to be £51.4 billion at next year’s election.
George Osborne, the Chancellor, has committed by 2017-18 to eliminating the current account deficit, the shortfall between government tax revenue and spending on services. Labour is carrying out a “zero-based review of public spending” to root out waste and inefficiency “by examining every pound spent by government from the bottom up”.
To put it simply, politicians in general and Labour specifically simply don't have the common sense to stick to their word and apply sound financial sense to the countries finances.
So giving us a budget surplus Labour style is probably a figment of Ed Balls imagination and about as likely as five beans growing into a giant beanstalk...