Britain’s Treasury to cancel projects worth €13.7bn

BRITAIN’S Treasury minister said government projects worth £11.5 billion (€13.7bn) would be cancelled or suspended, accusing the previous Labour government of taking irresponsible spending decisions.

Danny Alexander, a Liberal Democrat, said the measures were necessary to tackle the country’s biggest peacetime budget deficit of around £155bn (€185bn).

Alexander’s statement follows a review of all government projects approved since the start of the year – 217 projects with a total cost of £34bn €40.7bn).