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6 Jan 2014
UK's Osborne warns more spending cuts are planned
FXstreet.com (Łódź) - In his speech on the outlook for the UK economy in 2014, Chancellor George Osborne said that additional £25 billion of spending cuts would be implemented after the 2015 general election in order to lower Britain's budget deficit. He suggested that “substantial savings” could be made in the welfare budget.
Speaking at a factory in Birmingham, the Chancellor warned that 2014 will be a “a year of hard truths” for that UK. Even though signs of recovery in the economy are already apparent, there is still a lot to be done to reduce budget deficit and to cure the banking system, he said.
Osborne also assured that it was not necessary to raise taxes in order to carry out the deficit plan.
“This enormous welfare budget, that ultimately is where you can find substantial savings," he said, indicating that they should amount to £12 billion and be implemented in the first two years of the next parliament.
Speaking at a factory in Birmingham, the Chancellor warned that 2014 will be a “a year of hard truths” for that UK. Even though signs of recovery in the economy are already apparent, there is still a lot to be done to reduce budget deficit and to cure the banking system, he said.
Osborne also assured that it was not necessary to raise taxes in order to carry out the deficit plan.
“This enormous welfare budget, that ultimately is where you can find substantial savings," he said, indicating that they should amount to £12 billion and be implemented in the first two years of the next parliament.