UK taking longer to recover from crisis
Source: Agencies |
December 3, 2012, Monday
|
Print Edition
Print Edition
BRITAIN'S Treasury chief yesterday acknowledged the economy is taking longer than expected to recover from the financial crisis, but insisted he will not waver from his policy of tax hikes and spending cuts.
George Osborne said the British government might miss its self-imposed goals of cutting debt as a share of national income by 2015/16 and of balancing the current budget.
Osborne said he would introduce new tax measures for the rich on Wednesday, along with further moves to trim welfare spending.
The Conservative-led government is cutting 50 billion pounds (US$80 billion) in spending through 2015 in a bid to slash the national debt, which stands above 1 trillion pounds.
But critics say the government's austerity policy has failed to kick-start the economy, which has been through two periods of recession since 2008.
"It is clearly taking longer to deal with Britain's debts, it's clearly taking longer to recover from the financial crisis than one would have hoped, but we have made real progress," Osborne told BBC television.
But he insisted that any change of course now "would be a complete disaster."
"Undermining the credibility of our deficit plan, going back on our commitment to deal with our debts, would be a complete catastrophe for Britain," he said. "(That) would put us into the place where some European countries are at the moment and that is not a place where Britain wants to be."
Ahead of Osborne's semi-annual statement, the Office for Budget Responsibility will announce financial figures, expected to show higher borrowing and lower growth than previous estimates.
George Osborne said the British government might miss its self-imposed goals of cutting debt as a share of national income by 2015/16 and of balancing the current budget.
Osborne said he would introduce new tax measures for the rich on Wednesday, along with further moves to trim welfare spending.
The Conservative-led government is cutting 50 billion pounds (US$80 billion) in spending through 2015 in a bid to slash the national debt, which stands above 1 trillion pounds.
But critics say the government's austerity policy has failed to kick-start the economy, which has been through two periods of recession since 2008.
"It is clearly taking longer to deal with Britain's debts, it's clearly taking longer to recover from the financial crisis than one would have hoped, but we have made real progress," Osborne told BBC television.
But he insisted that any change of course now "would be a complete disaster."
"Undermining the credibility of our deficit plan, going back on our commitment to deal with our debts, would be a complete catastrophe for Britain," he said. "(That) would put us into the place where some European countries are at the moment and that is not a place where Britain wants to be."
Ahead of Osborne's semi-annual statement, the Office for Budget Responsibility will announce financial figures, expected to show higher borrowing and lower growth than previous estimates.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
