Online Business World

November 29, 2011

The British government Tuesday revised down sharply its growth forecasts and found that it would take longer than expected to reduce the budget deficit, which led him to extend austerity measures beyond the election date of 2015.

Finance Minister (Chancellor of the Exchequer), George Osborne, warned that the UK economy might slide into recession if the debt crisis was not quickly resolved.

"If the rest of Europe is heading into recession, it may be difficult to avoid in the UK," he told parliament in his address to the biannual budget.

• London in search of the least painful austerity
• Greek Prime Minister willing to sacrifice for the austerity
• Greek Prime Minister calls the union to avoid bankruptcy
• A default of Greece on its debt is considered
• IMF sounds alarm on growth and banks