Osborne Pledges Five More Years of U.K. Austerity

U.K. Chancellor of the Exchequer George Osborne held firm to his austerity plan as the economy continues to stagnate, saying government spending cuts will carry on for three years after the 2015 election.

As official growth forecasts were further downgraded, Osborne sought in his budget speech to Parliament yesterday to regain voters’ support. He announced tax cuts for low earners and companies and measures to boost home ownership, all financed by a squeeze on departmental budgets and a renewed crackdown on tax avoiders.