Britain's Osborne to cut spending further to protect budget plan

LONDON, Jumada II 04, 1437, March 13, 2016, SPA — British finance minister George Osborne said he would announce deeper cuts to public spending this week in order to protect his plan to eliminate the budget deficit from a weakening of the economy, Reuters reported.

In a newspaper article published on Sunday, Osborne warned that China’s slowdown, the oil price fall, interest rate changes in some countries and political instability in the Middle East meant the world was facing its most uncertain time since the financial crisis.

“In short, the hopes of a stronger global recovery have evaporated,” he wrote in the Sun on Sunday.

Osborne also said a decision by Britain to leave the European Union in a referendum in June would add to uncertainty.

He said his annual budget statement, which he is due to announce on Wednesday, would include action to ensure Britain stuck to his plan to fix its still weak public finances.

“So we’re going to need to look for more savings in the public spending, so the country lives within its means,” he said, going a bit further than a previous comment that he might have to cut spending further.
–SPA
11:55 LOCAL TIME 08:55 GMT