Osborne Says U.K. Budget Cuts Needed to Avoid ‘Downward Spiral’

Britain’s budget cuts were necessary to deal with a deficit that was the “clearest threat” to the U.K.’s economic recovery, Chancellor of the Exchequer George Osborne said.

“The most likely cause of a downward spiral” in the British economy “would be a concern that we couldn’t deal with our deficit,” Osborne said, according to a transcript of CNN’s “Fareed Zakaria GPS” program scheduled for broadcast today. “That is the clearest threat. And I think we have acted to deal with that.”