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Business & Finance

Britain says it will not meet debt reduction target

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By Muhammad Iqbal
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Georg22LONDON: Britain admitted on Wednesday that it will not meet its official target for reducing public debt as a proportion of economic output by 2015-2016, adding that this would now happen one year later.

 

Finance minister George Osborne, presenting his budget update, said that debt as a proportion of gross domestic product (GDP) was now expected to fall in 2016/2017, and cited new forecasts from the Office for Budget Responsibility.

 

Copyright AFP (Agence France-Presse), 2010

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