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UK budget: on track for growth

Wednesday, March 21, 2012 - 03:19

Mar. 21 - The UK's finance minister George Osborne unveiled his 2012 budget, suggesting that the economy looks set to avoid a renewed recession. Rough Cut (no reporter narration).

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ROUGH CUT (NO REPORTER NARRATION) British finance minister George Osborne cuts personal income taxes but aims new levies on the wealthy in his third budget speech on Wednesday, taking a political gamble while pledging to stick to his government's tough austerity plan. He also said that Britain's economy was improving, although growth is set to remain very modest this year. In a move that will please his own Conservative party, he cut a 50 percent income tax band for the highest earners to 45 percent, from next year on. The Conservatives say that high a levy is a barrier to aspiration. The Labour opposition say it is a fair way to spread the pain.

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UK budget: on track for growth

Wednesday, March 21, 2012 - 03:19