George Osborne derided the idea of laws to force governments to balance their budgets when Gordon Brown proposed one in 2009, parliamentary records show.
Mr Osborne today however said he would bring forward a similar law that would compel him and future Chancellors to maintain a budget surplus when the economy is growing.
Gordon Brown had wanted to pass a Fiscal Responsibility Bill committing the Government to reducing the deficit in the next parliament.
The Government is committed to balancing day-to-day spending by eliminating the structural deficit by the end of 2017-18.
UPDATE 08/04/18
The chancellor (Phillip Hammond) has put no date on eliminating the deficit claiming now that its a long term project.
Getting rid of deficits is disastrous for economies – as Bill Clinton proved in the 1990s. But don’t expect Philip Hammond to ditch this crazy obsession
LINKS
http://www.independent.co.uk/news/uk/politics/george-osborne-wasnt-so-keen-on-balanced-budget-laws-when-gordon-brown-proposed-one-10309624.html
https://www.theguardian.com/commentisfree/2017/nov/20/budget-increase-national-debt-pay-rise-britain-bill-clinton-philip-hammond
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