Ed Balls will say in a speech on Saturday that the party will clear the £86 billion deficit in current budget spending by 2020 if it wins the next general election.
The shadow chancellor will make a “binding fiscal commitment” that a Labour government will balance the books as soon as possible after 2015 and by May 2020 at the latest.
How lovely: but look behind the curtain children:
The party will hit its target by measures including removing the winter fuel allowance from pensioners who pay the higher rate of tax. It will also use proceeds from the sales of government stakes in Lloyds TSB and the Royal Bank of Scotland.
Balancing the current deficit with capital receipts?
Isn’t that “selling the family silver”?