Osborne's election budget seeks end to UK austerity era

[WorldNews]

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Britain's economy is set for faster-than-expected growth this year, the coalition government predicted Wednesday as it vowed to move from austerity to prosperity in its last budget before elections. Finance minister George Osborne hiked Britain's 2015 growth forecast to 2.5 percent in the coalition's final budget before May's general election, up from a prior estimate of 2.4 percent after 2.6-percent expansion last year, and cut his deficit forecasts. To cheers and jeers from rowdy lawmakers, and with 50 days to go until election day on May 7, there were voter-friendly sweeteners too with tax cuts on beer, cider and spirits, while a fuel duty rise was axed following a slump in world oil prices. There was also a reward for savers -- who have long been punished by Britain's record-low interest rates -- with the introduction of a new personal savings allowance under which the first £1,000 ( $1,466, 1,381 euros) in interest will be tax free.

 

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