South Shropshire MP Philip Dunne has welcomed latest statistics showing the government is no longer borrowing money to fund day to day spending.
Latest figures from the independent Office for National Statistics show the UK is now running a current budget surplus. The International Monetary Fund praised the UK's commitment to tackling the deficit, saying it had led to higher growth in the UK than the European average.
Mr Dunne said: "This is really welcome news, and represents a fair deal for young people, as borrowing to fund day to day public spending was asking the next generation to pay for our spending today.
Since 2010 the Conservatives have faced down the significant budget deficit inherited from Labour, and the UK is now running a current budget surplus - meaning we can pay down our debts and less taxpayer money is wasted on debt interest payments, rather than being invested in our public services.
Unfortunately Labour have not learnt lessons from the past, and now promise even more borrowing, higher debt, and more taxes. It is vital for our prosperity as a nation that we do all we can to avoid this, and don't allow Labour to undo the progress made in growing our economy over the last eight years."