No let up in austerity measures, says Osborne

The government will not ease austerity in its budget to be presented next week, George Osborne has said in an interview to be aired tomorrow on CNN’s Fareed Zakaria GPS programme.

“We are going to stick with the deficit reduction plan that I set out almost two years ago,” Osborne said, according to a transcript of the interview.

UK  jobless claims rose more than economists forecast in February, and a broader measure of unemployment remained at the highest level in 16 years, according to data released on March 14 by the Office for National Statistics in London.

Keeping austerity measures in place is important “to provide the stability that the British economy needs and the low interest rates the British economy needs to allow the recovery to take hold,” Osborne said.

“The plan we put in place is bringing that deficit down and borrowing is coming down,” he added. “But even with that, we still have one of the highest budget deficits in the world.”

Bloomberg

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