Osborne warns UK against abandoning austerity

Britain’s economy could fall back into crisis if the government abandons its austerity programme, finance minister George Osborne said yesterday as he raced against the clock to finalise the latest round of departmental cuts.

Three days before he announces ministries’ spending limits for 2015-16, Osborne said the budget deficit was still too high and he was committed to finding savings worth £11.5bn (€13.5bn).

“We are out of intensive care and our job now is to secure the recovery,” Osborne said. “There certainly is a chance of a relapse if we abandon our economic plan.”