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Economics news: British economy – the 2013 Budget

Every year in March, the Chancellor of the Exchequer (the politician in charge of our economy) must present the Budget, which is effectively a set of new economic policies for the year and details of how the country’s economy is performing.

 

George Osborne holding the traditional Budget briefcase

George Osborne holding the traditional Budget briefcase

The Chancellor, George Osborne, presented the Budget on Wednesday and, unfortunately, it mostly was not good news, the main problem being that growth of the economy was much lower than predicted, although the UK will not go into recession again.

 

This is a particularly bad omen for the coalition government, including Mr Osborne and David Cameron, who are under severe pressure due to the economy performing less well than they basically promised.

 

Please read here a BBC article summarising the key points:

http://www.bbc.co.uk/news/uk-politics-21851965

 

Meanwhile, elsewhere in Europe, it is a critical weekend in Cyprus as the government is trying to work out how to get a new bailout (loan) from the EU:

http://www.bbc.co.uk/news/world-europe-21909673

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