Budget: Structural deficit to be balanced by 2015

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Chancellor George Osborne says he aims to eliminate the structural deficit by 2015 in the coalition government’s emergency first budget.

The cut will help support gilts at the same time as giving the government flexibility to increase cyclical borrowing to support economy in times of weakness.

However, it will hit beneficiaries of long-term public spending, including possibly some domestic-facing UK stocks.

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