LONDON (AP) — Britain’s Treasury chief is unveiling a budget Wednesday replete with billions in cuts to achieve his target of balancing the books in the face of weaker global economic growth. George Osborne warned of «a dangerous cocktail of risks» as he delivered a budget in which Britain acts «now so we don’t pay later.» He tweeted a picture of the vivid red document, pledging solutions for the future.Britain’s Chancellor of the Exchequer George Osborne poses for the media with the traditional red dispatch box outside his official residence at 11 Downing Street in London, Wednesday, March 16, 2016. The Chancellor is to deliver his annual budget speech to the House of Commons later Wednesday.
Next Generation First
«In this budget we choose the long term,» he said. «We choose to put the next generation first.» A global economic slowdown, particularly in China, has weighed on the outlook for British growth, which Osborne was depending on to achieve his objective of reaching a budget surplus. As a result, Osborne announced 3.5 billion pounds ($4.9 billion) in spending cuts.Osborne is also expected to invest some 300 million pounds in transport infrastructure in northern England, including the HS3 plan to improve east-west rail links. Even before the message was delivered, Osborne’s critics pointed out that he would fail to tackle the debt, the deficit and borrowing as he had promised.
Some Political Theater
«What George Osborne forgets is that his decisions aren’t just some political theater — every choice, every cut hurts ordinary people,» Liberal Democrat leader Tim Farron said. «Having missed two of his three self-imposed targets, he should do the right thing and abandon his unnecessary surplus target. His surplus isn’t needed to balance the books.» Britain’s Chancellor of the Exchequer George Osborne poses for the media with the traditional red dispatch box outside his official residence at 11 Downing Street in London, Wednesday, March 16, 2016. The Chancellor is to deliver his annual budget speech to the House of Commons later Wednesday.
Warning against leaving
Treasury chief George Osborne says Britain will undergo a «profound economic shock» should voters decide to leave the European Union. Osborne, who is in China for a meeting of the Group of 20 leading economies, told the BBC that the recent weakness of the pound «reminds us all that this is not some political parlor game.» The pound has hit seven-year lows as jittery investors react to uncertainty about the June 23 referendum on whether to remain in the 28-country bloc, according to Associated Press.
