By . Tim Shipman . Ed Balls will today attempt to rebuild Labour's economic credibility by pledging to put Britain back in the black by 2020 if Labour is elected . Ed Balls will today attempt to rebuild Labour’s economic credibility by pledging to put Britain back in the black by 2020 if Labour is elected. The shadow chancellor will promise in a  speech to the Fabian Society annual conference to eliminate the budget deficit and get day-to-day government spending into surplus ‘as soon as possible’ in the next Parliament. But under Chancellor George Osborne’s plans the national debt will begin to fall in 2016/17 and he is committed to running an absolute budget surplus by 2018/19. Mr Balls’s pledge that he will get Britain out of the red by the end of the Parliament means he could take up to a year longer to achieve the same goal. Under Tory plans the surplus would cover all day-to-day government spending and capital spending on infrastructure projects. But Mr Balls will agree to run a surplus only on regular Whitehall budgets – opening the door for Labour to borrow more to fund infrastructure projects. While Mr Osborne has called for £25billion of further cuts to balance the books, Labour has been reluctant to spell out spending reductions, raising the prospect that the party will launch a new tax raid on the better-off. Mr Balls is set to claim he will display ‘an iron commitment to fiscal discipline’ – words likely to be derided by critics, who remember him as Gordon Brown’s right-hand man during the free spending days of the last government. The Shadow Chancellor will say: ‘With the deficit we inherit currently set to be nearly £80billion and the national debt still rising, it will  be up to the next Labour government to finish the job. ‘The next Labour government will balance  the books and deliver a surplus on the current budget and falling national debt in the  next Parliament.’ He will add: ‘We will get the current budget into surplus as soon as possible in the next Parliament. How fast we can go will depend on the state of the economy and public finances we inherit.’ But he will acknowledge that a Labour government would ‘have to make cuts too’. The speech marks Mr Balls’ second major intervention on the economy after he announced last year that he would match overall Tory spending plans in 2015/16. Senior Labour sources have indicated that Mr Balls is also considering matching them for 2016/17. Under Chancellor George Osborne's plans the national debt will begin to fall in 2016/17 and he is committed to running an absolute budget surplus by 2018/19 . He will today refuse to give more detail about his timetable for the economy, saying that ‘no responsible Opposition can make detailed commitments and difficult judgments about what will happen in two or three years’ time’. But Stephen Ibbotson, of the Institute of Chartered Accountants, called on Balls to explain how Labour will boost investment in business. He said: ‘Until questions such as how Labour would stimulate business investment, tackle government finances and enable more SMEs to export have been answered clearly, business will not feel confident in the run-up to the election.’
Shadow chancellor will make promise in a speech to the Fabian Society annual conference .
Under George Osborne's plans the national debt will begin to fall in 2016/17 and he is committed to running an absolute budget surplus by 2018/10 .
By . Tim Shipman . Ed Balls will today attempt to rebuild Labour's economic credibility by pledging to put Britain back in the black by 2020 if Labour is elected . Ed Balls will today attempt to rebuild Labour’s economic credibility by pledging to put Britain back in the black by 2020 if Labour is elected. The shadow chancellor will promise in a  speech to the Fabian Society annual conference to eliminate the budget deficit and get day-to-day government spending into surplus ‘as soon as possible’ in the next Parliament. But under Chancellor George Osborne’s plans the national debt will begin to fall in 2016/17 and he is committed to running an absolute budget surplus by 2018/19. Mr Balls’s pledge that he will get Britain out of the red by the end of the Parliament means he could take up to a year longer to achieve the same goal. Under Tory plans the surplus would cover all day-to-day government spending and capital spending on infrastructure projects. But Mr Balls will agree to run a surplus only on regular Whitehall budgets – opening the door for Labour to borrow more to fund infrastructure projects. While Mr Osborne has called for £25billion of further cuts to balance the books, Labour has been reluctant to spell out spending reductions, raising the prospect that the party will launch a new tax raid on the better-off. Mr Balls is set to claim he will display ‘an iron commitment to fiscal discipline’ – words likely to be derided by critics, who remember him as Gordon Brown’s right-hand man during the free spending days of the last government. The Shadow Chancellor will say: ‘With the deficit we inherit currently set to be nearly £80billion and the national debt still rising, it will  be up to the next Labour government to finish the job. ‘The next Labour government will balance  the books and deliver a surplus on the current budget and falling national debt in the  next Parliament.’ He will add: ‘We will get the current budget into surplus as soon as possible in the next Parliament. How fast we can go will depend on the state of the economy and public finances we inherit.’ But he will acknowledge that a Labour government would ‘have to make cuts too’. The speech marks Mr Balls’ second major intervention on the economy after he announced last year that he would match overall Tory spending plans in 2015/16. Senior Labour sources have indicated that Mr Balls is also considering matching them for 2016/17. Under Chancellor George Osborne's plans the national debt will begin to fall in 2016/17 and he is committed to running an absolute budget surplus by 2018/19 . He will today refuse to give more detail about his timetable for the economy, saying that ‘no responsible Opposition can make detailed commitments and difficult judgments about what will happen in two or three years’ time’. But Stephen Ibbotson, of the Institute of Chartered Accountants, called on Balls to explain how Labour will boost investment in business. He said: ‘Until questions such as how Labour would stimulate business investment, tackle government finances and enable more SMEs to export have been answered clearly, business will not feel confident in the run-up to the election.’
promise in a  speech to the Fabian Society annual national debt will begin to fall in 2016/17 and he is committed to running an absolute budget Chancellor George Osborne's plans the national debt will begin to fall in 2016/17 and he is committed to running an absolute budget surplus