Britain is still expected to face years of austerity despite official forecasts today showing that the economy will return to its pre-crisis peak during this year.

Size: Sq m 71 (770 sq ft)

The Office for National Statistics (ONS) in the UK has today reported a near £1.3bn drop in British government borrowing in August.

Britain needs seven million migrants over the next 50 years to help keep down national debt levels, according to the official forecaster.

Chancellor George Osborne unveiled the first overhaul of the Bank of England’s remit in nearly a decade under plans for “monetary activism” in the face of sharp growth downgrades and higher borrowing.

Austerity measures are to be extended for a further year to 2018 in Britain, finance minister George Osborne announced yesterday, as Britain’s faltering economy went into reverse.

George Osborne today announced a benefits squeeze and a raid on the pensions of the wealthy as the economy continues to falter.

British Chancellor George Osborne will have to fill a £48bn black hole in the UK's public finances if he is to get his deficit-busting plans back on track, a report warned today.

Britain’s budget deficit widened to the biggest on record for any August, data showed yesterday, a day after the central bank governor said overshooting budget targets may now be acceptable.

Britain’s public finances veered further off track in July after a shortfall in corporation tax revenues and higher spending, putting the government’s deficit goals in doubt and raising the prospect of more austerity on top of planned spending cuts.

Chancellor George Osborne slashed the top rate of tax for Britain's biggest earners today, claiming that the controversial 50% rate was damaging the economy.

UK Chancellor George Osborne is putting the finishing touches to his budget today amid claims he is prepared to cut the 50p top rate of tax.

Britain's Chancellor of the Exchequre George Osborne was forced today to acknowledge a grim picture of declining growth and rising unemployment for the UK in the years to come.

Bank of England policymakers are moving closer to taking further emergency action to jumpstart the UK recovery in the face of a “marked deterioration” in the economic outlook, documents revealed today.

The Bank of England was today urged to “hold its nerve” and not raise interest rates amid predictions that inflation could soar to nearly 4% during the early part of the year.

British importers and exporters confidence soared in November, after it was revealed that trade played a large part in boosting UK economic growth in the third quarter of 2010.

FISCAL consolidation is now the driving force in many economies and could result in lower than previously expected growth in the years ahead.

British Chancellor George Osborne today announced a VAT hike to 20% in a Budget packed full of spending cuts and tax rises.

BP shares were hit by another major sell-off today despite wider gains for the FTSE 100 Index.

BP overshadowed a decent start to the week for world markets as renewed dividend fears caused a fresh fall for the oil giant’s shares.

Britain’s economy grew by 0.6% in the three months to May in a sign the recovery is gaining momentum, a leading thinktank said today.