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Rough Cuts

UK's Osborne plans more austerity

Wednesday, December 05, 2012 - 01:11

Dec. 5 - The UK's finance minister announced welfare cuts and said tax rises and spending cuts will drag on for another year into 2017/18 as Britain is held back by the euro zone debt crisis and a global slowdown. Rough Cut (no narration).

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ROUGH CUT - NO REPORTER NARRATION In a half-yearly budget update to parliament, the UK's chancellor, George Osborne, said weak growth meant he would be a year late in meeting a self-imposed target of seeing debt fall as a share of Britain's national income by 2015/16. Missing that goal is an embarrassment for Osborne, who has staked his reputation on wiping out Britain's deficit and cutting public debt. It also raises questions about the safety of Britain's coveted triple-A credit rating.

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UK's Osborne plans more austerity

Wednesday, December 05, 2012 - 01:11