Osborne says UK mustn’t waver from austerity plan

UK Chancellor of the Exchequer George Osborne says the government should not ‘waver from’ an austerity plan on reduction of the budget deficit.

“We must not waver from our plan to reduce the budget deficit and deal with Britain’s debts,” Osborne wrote in British tabloid The Sun on Sunday.

The British official claimed that the plan would bring stability to the sluggish UK economy and lower mortgage rates for households.

The Conservative politician said economic recovery is under way and the biggest risk now would be to abandon “the long-term economic plan that is working.”

Osborne will deliver the 2014 budget on March 19.

The British chancellor is expected to keep the coalition government’s deficit-slashing policies in place despite reports of economic recovery.

The current UK government has embarked on austerity measures since it came to power in 2010 in a bid to bring down a record deficit inherited from the previous Labour government.

Main opposition Labour Party has accused Osborne of being “out of touch” with ordinary people, saying the British families have not felt any improvement in living standards.

“That’s totally out of touch when millions of working people on middle and lower incomes are not feeling any recovery at all,” said Ed Balls, who is the shadow chancellor with the Labour Party.

Philip Shaw, with the financial services firm Investec, said that with little more than a year until the next general election, Osborne is “hammering” this message to voters that the recovery can only take place by a Conservative government.