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UK Treasury chief to unveil budget with warning on economy UK Treasury chief to unveil budget with warning on economy
(about 2 hours later)
LONDON — Britain’s Treasury chief is set to unveil a budget replete with billions of pounds (dollars) in cuts to achieve a target of balancing the books in the face of weaker global economic growth. LONDON — Britain’s Treasury chief is set to unveil a budget Wednesday replete with billions of pounds (dollars) in cuts to achieve a target of balancing the books in the face of weaker global economic growth.
George Osborne is likely to warn that “storm clouds” are gathering as he delivers a budget Wednesday in which Britain acts “now so we don’t pay later.” George Osborne is likely to warn that “storm clouds” are gathering as he delivers a budget in which Britain acts “now so we don’t pay later.” He tweeted a picture of the vivid red document, pledging solutions for the future.
A global economic slowdown, particularly in China, has weighed on the outlook for British growth, which Osborne was depending on to achieve his objective of eliminating the budget deficit. “In this budget we choose the long term,” he is set to say according to prepared remarks. “We choose to put the next generation first.”
As a result, Osborne is expected to announce 4 billion pounds ($5.7 billion) in spending cuts. A global economic slowdown, particularly in China, has weighed on the outlook for British growth, which Osborne was depending on to achieve his objective of reaching a budget surplus. As a result, Osborne is expected to announce 4 billion pounds ($5.7 billion) in spending cuts.
Osborne is also expected to invest some 300 million pounds in transport infrastructure in northern England, including the HS3 plan to improve east-west rail links.Osborne is also expected to invest some 300 million pounds in transport infrastructure in northern England, including the HS3 plan to improve east-west rail links.
Even before the message was delivered, Osborne’s critics pointed out that he would fail to tackle the debt, the deficit and borrowing as he had promised.
“What George Osborne forgets is that his decisions aren’t just some political theater — every choice, every cut hurts ordinary people,” Liberal Democrat leader Tim Farron said. “Having missed two of his three self-imposed targets, he should do the right thing and abandon his unnecessary surplus target. His surplus isn’t needed to balance the books.”
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.