Saturday, May 30, 2015Saturday, May 30, 2015

British economy 'leaving intensive care': Finance minister

Published on Jun 23, 2013 1:06 PM

LONDON (AFP) - Finance minister George Osborne will claim the British economy is "leaving intensive care" when he unveils a fresh round of spending cuts, media reports said on Sunday.

The chancellor of the exchequer, who will deliver his spending review on Wednesday, is expected to spell out £11.5 billion (S$22.6 billion) of cuts to government ministries following the planned May 2015 general election.

Besides the spending reductions, Mr Osborne is set to announce plans to use the savings to invest in education, science, roads and railways in a bid to "power Britain back into the economic premier league".

"Britain is moving from rescue to recovery," Mr Osborne will tell parliament, according to extracts appearing in reports on Sunday.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!