Osborne defends deficit-cutting plan

British finance minister George Osborne defended his economic plan on Monday, dismissing criticism by a group of economists that his blueprint for rapid deficit cuts was endangering economic recovery. "What our plan provides is credibility where there was no credibility, stability where there was no stability, confidence that actually the British economy is getting its act together," he said in a BBC radio interview.
"I think you can look to the future of the British economy with confidence. I think jobs are being created," he said. Britain's government has been forced to defend its economic priorities after more than 50 left-leaning economists said the pace of deficit reduction was putting the recovery at risk.
In a letter to the Observer newspaper published on Sunday, the group of economists said the government's "breakneck" austerity drive was self-defeating because weaker growth would take its toll on government tax receipts. "Recent economic figures have shown the government urgently needs to adopt a Plan B for the economy," it said.