Brexit to keep UK budget in check

British finance minister George Osborne said yesterday he would announce further cuts to public spending this week to protect his austerity plan from a weakening of the economy, but said they would not be drastic.

Mr Osborne said the world was facing its most uncertain time since the 2008-2009 financial crisis due to China’s slowdown, the oil price fall, interest rate changes in some countries and political instability in the Middle East.

“In short, the hopes of a stronger global recovery have evaporated,” he said ahead of Britain’s budget announcement on Wednesday.