George Osborne admits recovery is taking longer than expected and government will miss economic targets
Sunday 02 December 2012
George Osborne admitted it was taking longer for Britain to recover from the financial crisis than he hoped today amid warnings that the Government would miss its key economic targets..
The Chancellor also warned the rich would pay more when he unveils his Autumn Statement on Wednesday but ruled out Lib Dem proposals for a mansion tax.
Mr Osborne said the independent Office for Budget Responsibility would report on Wednesday on whether the Government would meet its economic goals.
"We had two targets, one was to get debt share falling as a share of national income by 2015/16 and also to balance the current budget," he told BBC 1's Andrew Marr Show.
"It is clearly taking longer to deal with Britain's debts, it's clearly taking longer to recover from the financial crisis than one would have hoped but we have made real progress.
"The deficit is down by a quarter, there are a million more jobs in the private sector and to turn back now, to go back to the borrowing and the debt and the spending that (shadow chancellor) Ed Balls represents would be a complete disaster for our country."
- 1 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 2 Students offered grants if they tweet pro-Israeli propaganda
- 3 Satellite full of sexually experimental geckos adrift in space, Russia loses control of mission
MH17 crash: Investigators discover more human remains and 'huge section of plane'
Susan Sarandon on David Bowie romance: 'He's worth idolising'
Students offered grants if they tweet pro-Israeli propaganda
A day in the life of Vladimir Putin: The dictator in his labyrinth
Exclusive: Cameron’s Big Society in tatters as charity watchdog launches investigation into claims of Government funding misuse
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
John Barrowman praised for Commonwealth Games opening ceremony gay kiss
£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...
Highly Attractive Package: Austen Lloyd: CITY - COMMERCIAL LITIGATION - GLOBAL...
£65000 - £75000 per annum + Benefits: Progressive Recruitment: The client is a...
£40000 - £45000 per annum: Ashdown Group: A well-established software house ba...