UK's Osborne warns of deeper spending cuts after growth falls short -BBC
Source: Reuters
Feb 26 British finance minister George Osborne warned that he might cut public spending more deeply than he previously planned after the country's economic growth fell short of the pace foreseen in his plans to wipe out the country's budget deficit.
Osborne, who is due to make an annual budget statement on March 16, said official growth figures announced on Thursday showed Britain's economy was smaller than he had hoped for.
He also said in an interview with BBC television, which was broadcast on Friday, that "storm clouds" had gathered over the global economy and could hurt Britain further.
Osborne's comments stood at odds with an appeal by the International Monetary Fund to finance ministers attending a Group of 20 nations meeting in Shanghai this week. The IMF urged countries to boost global demand through fiscal means.
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Read more: http://in.reuters.com/article/britain-economy-osborne-idINU8N14X008
