UK Chancellor in mini-budget warning

UK Chancellor George Osborne will warn there are no "miracle cures" for Britain's problems today as he admits more drastic action is needed to balance his government's books.

In a bleak mini-budget, the Chancellor is to confirm that Whitehall departments are being ordered to find further cuts to fund £5bn (€6.16bn) of "shovel ready" projects designed to kick-start the economy.