Conservative Party Conference Held In Birmingham - Day 1

The Labour party has labelled George Osborne the 'coin toss Chancellor' after official figures appeared to show that the chances of achieving a budget surplus by 2020 are now 50/50.

In July, the independent Office for Budget Responsibility said the Chancellor had a 55% chance of hitting spending targets by the end of the Parliament, but the Autumn Statement seemingly showed a downgrading of those chances to 50%.

Shadow chancellor John McDonnell, said: “The chancellor was probably hoping it was an early Christmas present that no one noticed the downgrading of the chance of him meeting his own self-imposed target, but it has been exposed for the gimmick it has always been.

“The truth is that even the OBR aren’t certain George Osborne will reach his surplus target, and have now said it is the equivalent in probability of a coin toss in coming true.”