British budget to focus on reducing deficit

BRITAIN would risk its economic stability if it watered down a programme of tax rises and public spending cuts aimed at reducing a record budget deficit, Chancellor George Osborne said yesterday.

In what would be a “huge mistake for this country”, Mr Osborne said: “We would lose economic stability and we would be back in the mess of wondering what is going to happen tomorrow to Britain’s credit rating. It is not going to happen.”

But he added he would not have to come back and ask for more this year.