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'UK Economic Growth Slower than Expected'

Service : Economy
TEHRAN, March 24 (ICANA) – During his last budget statement in June 2010 George Osborne unveiled an unprecedented series of spending cuts and tax rises to combat Britain's huge budget deficit and national debt.
Thursday, March 24, 2011 1:44:15 PM
'UK Economic Growth Slower than Expected'

He blamed the measures on the economic legacy left to him by the previous Labour government, but 10 months on he said Britain was heading in the right direction.

-Fuel duty rise cancelled

-£2 bn oil company tax

-Help for house buyers

Osborne announced that next month's planned rise in fuel duty would be cancelled amid a backdrop of record petrol prices.

He announced a £2billion tax on oil companies.

And he unveiled a package of financial help for first time house buyers.

But the chancellor also revealed that he now expected Britain's economy to grow at a slower rate than previously expected, to jeers from the opposition benches.

Nevertheless, he said his priority was to ease the pressure on families hit by rising prices and get the economy moving again.

Earlier, protestors, angry at the government's spending cuts, which they say disproportinately target the poor, tried to prevent Osborne getting to parliament to make his statement.

And later on, anti-war groups staged a march to Downing St to protest the UK's involvement in the Libyan war at a time of economic austerity at home

Despite what George Osborne says about Britain heading in the right direction, the public sector spending cuts that he introduced will start to bite this year. And with public sector demonstrations and strikes due to begin in the days and weeks to come, many are predicting that this will be a year of discontent.

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