Britain"s Labour government will make a legal commitment to halve its burgeoning budget deficit in four years in a final set of draft laws ahead of an election next year, business minister Peter Mandelson said on Wednesday, according to Reuters. Centre-left Labour, in power since 1997, is seeking to revive its fortunes ahead of an election due by next June that the opposition Conservatives are forecast to win. Measures to clamp down on bankers" pay, improve failing schools and boost care for the elderly and infirm are also expected to be announced when Queen Elizabeth formally opens a new session of parliament around 1130 GMT. "What you will see is a very strong and rich policy agenda to strengthen economic growth and secure our economy ... as well as locking in our commitment to halve the financial deficit," Mandelson told BBC radio. Britain"s budget deficit is set to hit more than 12 percent of gross domestic product this year, raising concerns on markets about the future management of the public finances. Mandelson said more details of how to cut the deficit would come in the pre-budget report, due on Dec. 9. Reducing the deficit will be a central theme in the election campaign. Prime Minister Gordon Brown"s Labour says the Conservatives would cut spending too rapidly and jeopardise recovery from the longest recession since World War Two.
