Ed Balls will pledge to 'balance the books' by 2020 25 January 2014 Last updated at 01:59 Labour has pledged to balance the UK's books and deliver a current budget surplus in the next Parliament if it wins the 2015 election. Shadow chancellor Ed Balls said Labour would pass a law to ensure it adheres to "tough" and binding fiscal rules. These would include eliminating the deficit and reducing debt as a share of GDP between 2015 and 2020. Chancellor George Osborne has already said a Tory government would aspire to an absolute budget surplus by 2020. Labour is under pressure to assert its economic credibility in the face of claims from its rivals that it would increase spending and borrowing. In a speech to the Fabian Society on Saturday, Mr Balls will say a future Labour government would legislate within the first year to introduce new rules on the deficit and debt levels while progress would be independently audited by the Office for Budget Responsibility. But he will not set a specific date for achieving a surplus, saying it will depend on the state of the public finances and changing economic circumstances. "The next Labour government will balance the books and deliver a surplus on the current budget and falling national debt in the next Parliament," he will say. We will get the current budget into surplus as soon as possible in the next Parliament. How fast we can go will depend on the state of the economy and public finances we inherit. Spending freeze In his recent Autumn Statement Mr Osborne said he expected the UK to be running a budget surplus by financial year 2018-19. Economists have said this could lead to further substantial cuts to public spending - although Prime Minister David Cameron said spending could instead be frozen. He has said if the economy grows it could even be possible to spend more on some departments and run a surplus. Labour has already pledged to stick to the government's spending plans for the first year after the general election. "No more borrowing for current spending under Labour," Mr Balls said in December. There'll be spending cuts, there'll be tough decisions. The last time the government ran an absolute budget surplus - meaning that it generated more in revenues, including tax yields, than it spent - was in 2001. The UK has only balanced the books in seven out of the last 50 years.