Economics
Osborne Prepares to Breach Fiscal Rules Amid U.K. Slump
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U.K. Chancellor of the Exchequer George Osborne faces the prospect of breaching his self-imposed budget rules as an economy struggling to escape recession drives debt higher and erodes his political capital.
Osborne said this week it’s taking longer than planned to balance the public finances, suggesting he’ll say in his autumn statement to Parliament today he’s no longer on course to cut the burden of government debt in 2015 and may have to extend austerity for another year.