Chancellor of the Exchequer George Osborne presented the British government’s annual budget, which contains more austerity measures, to the House of Commons Wednesday, saying the UK economy will grow more slowly than expected in 2016.
Osborne said a “turbulence in financial markets, slower growth in economies like China, and weak growth in the developed world” were to blame for the lower-than-expected growth in the British economy.
He said those “dangerous cocktail of risks” have made Britain seek additional spending cuts totaling 3.5 billion pounds (about $5.0 billion, 4.5 billion euros) by 2020, the year in which London expects to reach budget surplus amid higher borrowing.
According to projections provided by Osborne, the British economy was set to grow by 2.0 percent this year and 2.2 percent next year, down from November estimates of 2.4 percent and 2.5 percent respectively.
The Office for Budget Responsibility (OBR) said Osborne’s predictions…