He said “the path to economic ruin” lay ahead if the deficit was not tackled. Seems like we’ve been hearing that a lot on this side of the Atlantic.

BBC News

EXCERPTS:

He told the BBC that including Budget measures, the top 10% of earners would be hit hardest but everyone was making a contribution to cutting the deficit.

It has been estimated that the measures will lead to the loss of 490,000 public sector jobs, but Mr Osborne told BBC Breakfast he expected many more private sector jobs to be created over the four year cuts programme.

Hours after Mr Osborne’s speech, crowds of demonstrators gathered outside Downing Street to protest against the cuts, which the TUC has said will have a devastating social impact.

“We have got to put the welfare state on a sustainable footing and we have got to reform it so that it always pays to work.”

However, the Fitch ratings agency said Mr Osborne’s measures should help the UK retain its prized triple A credit rating.

FULL STORY

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