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This is an archive article published on May 17, 2010

UK Govt to begin significant deficit cuts

Britains Treasury chief George Osborne says the new coalition government will start significantly reducing the countrys record deficit.

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Britains Treasury chief George Osborne says the new coalition government will start significantly reducing the countrys record deficit.

Osborne said Monday that an emergency budget on June 22 will set out the detail of plans to cut public spending.

He has previously announced that 6 billion pounds ($8.9 billion) of government waste will be cut this year.

Osborne told a news conference that the new government will also review all decisions on spending made in 2010 by the ousted Labour Party government.

Britain is grappling with a record 153 billion-pound ($236 billion) deficit following an 18-month recession.

 

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