Britain faces more austerity pain as outlook darkens
LONDON: Finance Minister George Osborne on Wednesday warned Britons that they faced an extra year of austerity measures and insisted that reversing his belt-tightening measures now would be a “disaster”.
Chancellor of the Exchequer Osborne said Britain would face spending cuts and tax hikes until 2018 — after the coalition government led by Prime Minister David Cameron had already previously extended the programme by two years to 2017.
The bleak announcement in a budget update, coming alongside grim news that the Government is slashing its outlook for economic growth, is likely to heap further pressure on the administration mid-way through a five-year term in power.
Addressing Parliament on Wednesday, Osborne also acknowledged that the Government would fail to meet its official target for reducing public debt as a proportion of economic output by 2015-16.
“It is taking time but the British economy is healing after the biggest financial crash in our lifetime,” Osborne insisted in his Autumn Statement.
Reacting on the rumours that Congress may name Unique Identification Authority of India Chairman, Nandan Nilekani as its candidate for Prime Minister, JD(U) Leader Shivanand Tiwari said the move could be suicidal for the party.
Date 17 hrs ago, Duration 0:51, Views 58