UK Budget Affirms Spending Cuts, Slower Growth

The annual budget as released today by Chancellor of the Exchequer George Osborne suggests that annual growth for the British economy will be less than previously predicted. The government now believes growth for 2011 will be 1.7 percent rather than 2.1 percent as forecast last November.

The budget also outlines the government’s plan to bring balance the budget starting with a series of spending cuts that some critics claim will lead to increased unemployment and higher lending rates.

Source: Bloomberg

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