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British finance minister Osborne flags budget cuts

Britain's Chancellor of the Exchequer George Osborne has said he needs to find savings by 2020 equivalent to 50 pence in every £100 the government spendsBritish finance minister George Osborne warned Sunday of further spending cuts to come in the government budget to be unveiled this week. Osborne had slowed the pace of austerity cuts in his last spending review in November but has now clearly signalled fresh reductions are on the cards in Wednesday’s budget. Official figures out last month showed that Britain’s economy slowed sharply last year.

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