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George Osbourne's spending charter

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10/14/2015 4:55:33 PM
Posted: 1 year ago
The conservative government is delivering on its pre election promise to introduce a law on the government needing to run a fiscal surplus during normal economic times. This law could obviously be overturned by any future government if it so wished but in my view the new law will be a good thing as any future government that wishes to spend beyond its means Will be deterred by the prospect of looking economically irresponsible by removing the law that controlls spending. It also ties the government to its commitment to achieve a surplus during this parliament. Interestingly opposition shadow chancellor from the Labour party John Mcdonall initially backed the law but now suggests his party should oppose it. Jeremy Corbyn labours leader is also opposing it but it will be interesting to see what Labour's mps do in the commons vote. I would imagine a majority will probably abstain.