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UK Treasury chief to unveil budget with warning on economy | UK Treasury chief to unveil budget with warning on economy |
(35 minutes later) | |
LONDON — Britain’s Treasury chief is unveiling a budget Wednesday replete with billions in cuts to achieve his target of balancing the books in the face of weaker global economic growth. | |
George Osborne warned of “a dangerous cocktail of risks” as he delivered 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. | |
“In this budget we choose the long term,” he said. “We choose to put the next generation first.” | |
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 announced 3.5 billion pounds ($4.9 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. | 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.” | “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 This material may not be published, broadcast, rewritten or redistributed.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. |