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Osborne wants law to guarantee budget surplus

Chancellor of the Exchequer George Osborne will use next month’s post-election budget to push ahead with new laws to force governments to run a surplus. Chancellor of the Exchequer Osborne will present a budget on July 8 to implement his centre-right Conservative Party’s campaign promises of spending cuts after a surprise election win in May. “In normal times, governments of the left as well as the right should run a budget surplus to bear down on debt and prepare for an uncertain future,” Osborne was to say in a speech to business leaders Wednesday, according to excerpts published by the Treasury.

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