UK's Osborne delivers half-yearly budget update

LONDON Wed Dec 5, 2012 7:48am EST

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LONDON (Reuters) - British finance minister George Osborne presented his half-yearly budget statement to parliament on Wednesday.

Following are the highlights from his speech:

BRITISH ECONOMY IS HEALING

"It's taking time, but the British economy is healing. After the biggest financial crash of our lifetimes, people know that we face deep seated problems at home and abroad.

"At home, we live with the legacy of a decade of debt and the failure to equip Britain to compete in the modern world. And we face a multitude of problems from abroad.

"The deficit has fallen by a quarter in just two years. And today's figures show it is forecast to continue to fall."

DEFICIT TARGETS

"We reaffirm our commitment to reducing the deficit, setting out the details of our spending plans for 2015-16 and rolling forward an outline framework into 2017-18."

(Reporting by London bureau staff)

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