Osborne Says to Miss Short-term Budget Targets, Sticks to Plan

British finance minister George Osborne said he would miss his short-term targets for cutting the budget deficit but he stuck to his promise to fix the public finances by the end of the decade, hoping that voters will back his tough approach. Five months before a national election, Osborne said Britain’s deficit would fall to 5.0 percent of gross domestic product in the 2014/15 financial year. That compared with a forecast of 4.9 percent made in March by Britain’s independent budget office.

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