Britain will prolong its austerity drive until 2018 as the country’s independent budget watchdog slashed its economic growth forecasts and the chancellor missed one of his targets to improve the public finances.
George Osborne, the chancellor, said Britain was still determined to eliminate its budget deficit even though it would take longer than he first thought. “Britain is on the right track and turning back now would be a disaster,” he told parliament as he presented his mini-budget to the country.
Britain has become the poster-child for deficit-reduction, but feeble growth and deteriorating finances have put the coalition government under pressure. Mr Osborne’s critics claim austerity has proved self-defeating.
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