Budget Surplus and Flexible Approach

storm clouds: Osborne, who signalled that the cuts would come from efficiencies in government spending, also indicated that he might adopt a flexible approach to his target of delivering an overall budget surplus of £10.1bn by 2019-20, according to The Guardian. Related:IMF urges G20 to take 'bold action' on global economy The chancellor made clear that he might have to embark on a change of course in his budget on 16 March when he warned of global storm clouds in an interview with the BBC at a meeting of G20 finance ministers in Shanghai. In a move to prepare the ground for a sharp deterioration in the public finances in the budget next month, the chancellor said the recent fall in nominal GDP numbers showed the British economy was smaller than expected. He said: The storm clouds are clearly gathering in the world economy and that has a consequence for lots of countries including Britain. So we may need to undertake further reductions in spending because this country can only afford what it can afford and we will address that in the budget, because I’m absolutely clear we’ve got to root our country in the principle that we must live within our means and we have economic security. Now we are weathering it better than most, but we’ve just had confirmation that our own economy is not as big as we had hoped. (news.financializer.com). As reported in the news.