Davos 2013: Heard in Davos

By Bloomberg Briefs - 2013-01-25T17:28:51Z

Photograph by Jason Alden/Bloomberg

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George Osborne

On U.K. austerity:

Britain won't let up in its effort to balance the government's books even after a call from the IMF for a relaxation of his austerity plans. Deviating from the path that now seeks to balance the budget by 2017 risks damaging the country's credibility. His plans allow for spending to rise as the economy weakens. "The credibility is very hard won and easily lost and it would be a huge mistake to put that at risk. We have put in place what I think is a credible deficit reduction plan. It is credible and it is flexible and we have already exercised that flexibility so before Christmas I made it clear that I would extend the horizon of our ambitions."