If the Chancellor George Osborne sticks to the current target on national debt he may have to announce tax rises and further spending cuts to achieve it. But the Governor of the Bank of England has indicated he would not complain if the target was missed.
– Sir Mervyn King, Bank of England Governor
If it's because the world economy has grown slowly, so we have in turn grown slowly, then that would be acceptable. It would not be acceptable if we have no real excuse.