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UK's Osborne Plans More Austerity
In a half-yearly budget update to parliament, the UK's chancellor, George Osborne, said weak growth meant he would be a year late in meeting a self-imposed target of seeing debt fall as a share of Britain's national income by 2015/16. Missing that goal is an embarrassment for Osborne, who has staked his reputation on wiping out Britain's deficit and cutting public debt. It also raises questions about the safety of Britain's coveted triple-A credit rating.
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