U.K. Chancellor of the Exchequer George Osborne wrote to ministers saying he’ll cut the amount of money their departments can spend in the next three years by 1 billion pounds ($1.6 billion) each year.
Britain will preserve its bond- issuance plans this year to exploit low debt costs and cut sales of Treasury bills instead, as the fastest economic growth since 2010 reduces how much the government needs to borrow.
Prime Minister David Cameron voiced his support for Chancellor of the Exchequer George Osborne, praising their relationship before tomorrow’s Autumn Statement that’s set to highlight Britain’s strengthening recovery.
The U.K. opposition Labour Party vowed to break up energy companies, replace the regulator and overhaul charges in a program seeking to intensify government discomfort over inflation-busting gains in voters’ energy bills.
Chancellor of the Exchequer George Osborne said improvements in economic growth won’t diminish his commitment to cutting the U.K.’s budget deficit, as he revealed he will announce new fiscal forecasts on Dec. 4.