Britain's finance minister George Osborne said to the Parliament on Wednesday that he would break his debt-cutting promise as the growth expected to be weaker than seen before.
The economy in 2013 was now forecast to grow by only 1.2% vs 2% predicted in March, according to the independent Office for Budget Responsibility.
Osborne told to the members of the Parliament: "Britain is on the right track. Turning back now would be disaster". He stressed that: "It is a hard road, but we are getting there."Painful austerity measures must be extended by a further year into 2017/18 and welfare payments must be cut in as Britain faces further risks from the euro zone debt crisis and weak global growth.
As for 2012 year, Osborn submitted the growth to be only 0.1% and deficit to rise to 6.9%. The Unemploynmet rate to grow up 8.3% vs 8.7% expected before. Overall, Osborn is sure that the british economy is getting better, step by step, and it will be seen in a year.