Wednesday October 28, 2020

Britain to borrow more as economy slumps

Chancellor of the Exchequer George Osborne said Britain’s economic growth will be slower than forecast this year and next, forcing the government to borrow more and extend spending cuts.

29th November, 2011
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Chancellor of the Exchequer George Osborne said Britain’s economic growth will be slower than forecast this year and next, forcing the government to borrow more and extend spending cuts.

The economy will grow 0.9 per cent this year, less than the 1.7 per cent forecast in March, and by 0.7 per cent next year, less than half the previously predicted 2.5 per cent, Osborne said, citing figures from the Office for Budget Responsibility.

The deficit will reach...

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