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Osborne Seen Gambling on Austerity as U.K. Outlook Dims
Chancellor of the Exchequer George Osborne goes into his end-of-year economic statement gambling his commitment to austerity will earn him credibility with voters. With tax receipts falling short of projections and the embattled euro-area economy dimming U.K. growth prospects, Osborne has little scope for sweeteners to woo voters before the May 2015 election. Ninety-six percent of economists in a Bloomberg survey say he’ll have to step up the pace of cuts to meet his target to balance the books by 2020. “The public-finances story this year has been a disappointing one,” said Philip Shaw, chief economist at ... (full story)
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