9 Nov 2010

English predicting surplus in about five years

3:03 pm on 9 November 2010

Finance Minister Bill English says the Government is looking to get its books back in surplus in four to five years' time.

A sluggish economy and flat consumer spending from July to September are being blamed for a $1.1 billion shortfall in forecast tax to the Government.

However, Mr English says there is no doubt the economy is on the path to recovery.

He says that the recovery is being slowed by people reducing their debt, but that will mean a stronger bounce-back in the long-term.