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2014 year of 'hard truths' for British economy: Finance Minister Osborne

Published on Jan 6, 2014 8:43 AM
 
Britain's Chancellor of the Exchequer George Osborne leaves his official residence in Downing Street in London on Dec 12, 2013. Mr Osborne will warn that 2014 will be the year of "hard truths" and public spending cuts when he sets out his plans for the year ahead on Monday. -- PHOTO: REUTERS 

LONDON (AFP) - British finance minister George Osborne will warn that 2014 will be the year of "hard truths" and public spending cuts when he sets out his plans for the year ahead on Monday.

He will tell an audience in central England that there is "still a long way to go" in reducing the public deficit, despite three years of austerity, according to extracts released by his office.

"We're borrowing around £100 billion (S$208billion) a year - and paying half that money a year in interest just to service our debts," he is to say.

"We've got to make more cuts. That's why 2014 is the year of hard truths...the year when Britain faces a choice.

 
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