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British PM May to pledge to wipe out deficit by middle of next decade - Telegraph newspaper
May 17, 2017 / 8:58 PM / 3 months ago

British PM May to pledge to wipe out deficit by middle of next decade - Telegraph newspaper

LONDON, May 17 (Reuters) - British Prime Minister Theresa May will commit to wiping out the deficit by the middle of the next decade, allowing for greater borrowing to support the economy in the run-up to Brexit, the Telegraph newspaper reported.

May's ruling Conservatives will present their policy pledges to voters on Thursday ahead of a June 8 parliamentary election.

The deficit pledge, which will be viewed by some as a loosening of fiscal policy, is a departure from finance minister Philip Hammond’s pledge in the March budget that the deficit would fall to 0.7pc by 2021-22, the lowest level in two decades, the newspaper said.

May will also pledge to ensure corporation tax falls to 17 percent by 2020, the Telegraph said. (Reporting by Guy Faulconbridge; editing by Kate Holton)

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