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News Link • Economy - International

UK Makes Sharpest Cuts in Decades in New Budget

• AP

Britain's Treasury chief unveiled on Tuesday the toughest cuts to public spending in decades, a raft of tax rises and a new levy on banks in an emergency budget aimed at restoring the country's ravaged public finances.

George Osborne told lawmakers his austerity package — which will see welfare payments and spending programs slashed — was necessary to quickly reduce crippling national debts racked up during the global financial crisis.

 

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