U.K. Chancellor of the Exchequer George Osborne presents the government’s annual budget amid calls to relax his deficit-reduction measures. Osborne, who speaks to Parliament at 12:30 p.m. in London, is constrained by his commitment to keep Britain’s AAA credit rating.
The International Monetary Fund said Britain should stay focused on policies to foster economic growth and keep monetary policy loose, as it acknowledged some improvement in the country’s economic and fiscal situation.
Britain’s underlying budget deficit widened in April, dealing a blow to Chancellor of the Exchequer George Osborne as the International Monetary Fund prepares to deliver its verdict on the U.K. economy.
The Pentagon is asking Congress to approve a plan shifting about $9.6 billion in this year’s defense budget to priority projects, mostly to pay for greater- than-expected Afghanistan war and transportation costs.