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08.07.2015 13:54

UK's Finance Minister George Osborne: the government plans to achieve a surplus in the 2019/20 financial year

UK's Finance Minister George Osborne presented the annual budget today. The government plans to achieve a surplus in the 2019/20 financial year, one year later than previously predicted.

"Britain still spends too much, borrows too much, and our weak productivity shows we don't train enough or build enough or invest enough. This will be a Budget for working people. A Budget that sets out a plan for Britain for the next five years to keep moving us from a low-wage, high-tax, high-welfare economy; to the higher-wage, lower-tax, lower-welfare country we intend to create," Osborne said.

The Office for Budget Responsibility projects the U.K. economy to grow 2.4% in 2015, 2.3% in 2016, and 2.4% for the rest of the decade.

The government plans to cut corporation tax from 20% to 19% in 2017 and to 18% by 2020.

Osborne said that a new 8% surcharge on bank profits will be introduced from January next year.

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