Britain's road to economic recovery will be rocky but the coalition government is as committed as ever to slashing a record budget deficit, finance minister George Osborne said on Wednesday. Osborne, speaking to business leaders in London, said the government was on track to all but eliminate a deficit running at close to 10 percent of national output over four years and did not see the need to further hike taxes or cut spending.
The Bank of England said on Wednesday its near-term outlook for growth had worsened since February. Data published last month showed the economy effectively stood still in the six months spanning the turn of the year. "The recovery will be choppy," Osborne told an audience of business leaders in London. "High commodity prices, the earthquakes in Japan and uncertainty in the eurozone are all weighing down on growth across the world."
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