Lord Taylor of Warwick – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-02-09.

To ask Her Majesty’s Government what plans they have to impose large extra tax rises or spending cuts at short notice in order to meet their target of cutting the deficit by 2019–20.

Lord O’Neill of Gatley

The government has set out a fixed target to achieve a surplus on the headline measure of public sector net borrowing by the end of 2019-20. This is a transparent commitment showing the government’s resolve to complete the repair of the public finances. The Spending Review and Autumn Statement set out the action required to return the country to surplus over the course of this Parliament and on the basis of the latest Office for Budget Responsibility forecast in their November 2015 ‘Economic and fiscal outlook’ the government is forecast to achieve a surplus of £10.1bn by the end of 2019-20.