George Osborne scraps plan for UK surplus in Brexit wake

UK chancellor George Osborne gave up his centrepiece policy of turning Britain’s budget deficit into a surplus by 2020, faced with potential economic stress following the country’s shock decision to leave the EU.

It was the latest setback for Mr Osborne who was once considered a future British leader but who has not put himself forward to succeed prime minister David Cameron after the two men failed in their campaign to keep th UK in the EU.

“The government must provide fiscal credibility, so we will continue to be tough on the deficit, but we must be realistic about achieving a surplus by the end of this decade,” Mr Osborne said in a speech yesterday.