Osborne: Budget will continue with austerity

18 March 2013

British officials will continue their policy of austerity and spending cuts in order to lift the country out of its economic malaise, a senior government member has pledged.

Speaking yesterday (17 March) on the BBC's Andrew Marr Show, chancellor George Osborne insisted the Conservative-Liberal Democrat alliance will not change course from its current plans, despite the growing risk of a triple-dip recession.

Mr Osborne - who is due to deliver the UK's latest Budget on Wednesday - has faced calls to change tact and adopt a different approach to stimulating financial growth, such as increasing borrowing.

However, the official said the problems facing Cyprus serve as a reminder of how the markets can treat nations that fail to react to their issues in the right way.

"There is no easy answer, there is no miracle cure. We have to go on confronting the very difficult economic problems," he noted.

By Asim Shah

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