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Budget 2016: George Osborne warns of cuts Budget 2016: George Osborne warns of cuts
(about 4 hours later)
Chancellor George Osborne has warned the country has to "act now rather than pay later" ahead of this week's Budget.Chancellor George Osborne has warned the country has to "act now rather than pay later" ahead of this week's Budget.
Writing in the Sun on Sunday, Mr Osborne says he will have to make new cuts to public spending "so the country lives within its means".Writing in the Sun on Sunday, Mr Osborne says he will have to make new cuts to public spending "so the country lives within its means".
The world was "facing its most uncertain period since the Great Recession", he wrote.The world was "facing its most uncertain period since the Great Recession", he wrote.
He said his 16 March Budget "will set out the clear direction we must hold to through the current uncertainty".He said his 16 March Budget "will set out the clear direction we must hold to through the current uncertainty".
Mr Osborne warned of cuts in the Budget in a BBC interview last month. Mr Osborne - who is appearing on Sunday's Andrew Marr Show on BBC One - warned of cuts in the Budget in a BBC interview last month.
Writing in the newspaper on Sunday, Mr Osborne warned that "the hopes of a stronger global recovery have evaporated".Writing in the newspaper on Sunday, Mr Osborne warned that "the hopes of a stronger global recovery have evaporated".
He cites the slow-down in China, the fall in oil prices, interest rate changes elsewhere in the world and political instability in the Middle East as among the reasons for the world economy slowing.He cites the slow-down in China, the fall in oil prices, interest rate changes elsewhere in the world and political instability in the Middle East as among the reasons for the world economy slowing.
"It's been the worst start to a year on stock markets for almost half a century," he wrote."It's been the worst start to a year on stock markets for almost half a century," he wrote.
Mr Osborne said that Britain's long-term economic plan made it "much better prepared for whatever the world may throw at us".Mr Osborne said that Britain's long-term economic plan made it "much better prepared for whatever the world may throw at us".
"In Wednesday's Budget, we need to take action to make sure we follow that plan and remain secure," he said."In Wednesday's Budget, we need to take action to make sure we follow that plan and remain secure," he said.
"So we're going to need to look for more savings in the public spending, so the country lives within its means.""So we're going to need to look for more savings in the public spending, so the country lives within its means."
'Not much wriggle room''Not much wriggle room'
The BBC's political correspondent Eleanor Garnier said: "Only four months ago when he made the Autumn Statement Mr Osborne had sounded upbeat about the country's finances.The BBC's political correspondent Eleanor Garnier said: "Only four months ago when he made the Autumn Statement Mr Osborne had sounded upbeat about the country's finances.
"But now with the size of the British economy much smaller than had been expected, it seems the chancellor has not left himself much wriggle room.""But now with the size of the British economy much smaller than had been expected, it seems the chancellor has not left himself much wriggle room."
The chancellor has promised to get the books into surplus by 2020.The chancellor has promised to get the books into surplus by 2020.
In his November statement, Mr Osborne watered down planned £4.4bn cuts to tax credits and eased back on planned spending cuts to the Home Office and other departments.In his November statement, Mr Osborne watered down planned £4.4bn cuts to tax credits and eased back on planned spending cuts to the Home Office and other departments.
He was able to do this owing to a combination of better tax receipts and lower interest payments on debt.He was able to do this owing to a combination of better tax receipts and lower interest payments on debt.
In the Sun on Sunday, Mr Osborne also wrote that "now would be the worst time to add to that uncertainty [in the world economy] by leaving the EU".In the Sun on Sunday, Mr Osborne also wrote that "now would be the worst time to add to that uncertainty [in the world economy] by leaving the EU".
"Our EU membership gives us access to the biggest free trade single market in the world," he wrote."Our EU membership gives us access to the biggest free trade single market in the world," he wrote.
"As a trading economy, we can't cut ourselves off from what's happening out there in the world.""As a trading economy, we can't cut ourselves off from what's happening out there in the world."
A referendum on whether Britain should remain in the European Union is to be held on Thursday, 23 June.A referendum on whether Britain should remain in the European Union is to be held on Thursday, 23 June.