December 19, 2019 / 12:11 PM / a month ago

UK confirms plan to balance current budget within three years

FILE PHOTO: Britain's Chancellor of the Exchequer Sajid Javid is seen at Downing Street in London, Britain, December 16, 2019. REUTERS/Hannah McKay

LONDON (Reuters) - Britain plans to balance the government’s current budget, which excludes investment spending, within three years, Queen Elizabeth confirmed on Thursday as she outlined the plans of Prime Minister Boris Johnson’s government.

In a ceremony marking the new parliament after Johnson won a national election last week, Queen Elizabeth listed his government’s programme.

She said the government will limit public sector net investment to an average of 3% of economic output, and reassess these rules if interest rates rise sharply to the point where interest costs exceed 6% of government revenue.

The fiscal rules match the pledges made in the manifesto of Johnson’s Conservative Party during the lead-up to the election.

Reporting by Andy Bruce, editing by Paul Sandle

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