British Chancellor George Osborne has declared Britain would lead \u00c5\u201creal economic crisis” if there is a failure to follow the economic plan set out in Spending Review.\n<\/p>\n
George Osborne said his plans imposes \u00a311.5 billion in cuts on government spending, a welfare cap to limit social security spending and introduces new requirements on people claiming benefits.\n<\/p>\n
Osborne also countered criticism that his plan was created with an eye on the upcoming election battle with British Labour Party.\n<\/p>\n
Shadow Chancellor Ed Balls, however, criticised Osborne\u00e2\u201e\u00a2s plans and said
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what the coalition government has claimed about savings over the last three years ended up in failure.\n<\/p>\n
“The reality is that they are going to have to make some very difficult decisions on public spending and on social security because of the huge deficit they are going to inherit and the failure of the Government on growth and deficit reduction and falling living standards,” Balls said.\n<\/p>\n
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