British Budget Statement

Chancellor of the Exchequer George Osborne unveiled the budget before members of Parliament in the British House of Commons. The annual budget speech outlines the government’s proposed tax and spending plan for reducing the deficit and creating job growth. The chancellor said the cost of funding the mission in Afghanistan was 2.4 billion pounds lower than previously forecasted and the top income tax rate will be reduced from 50 to 45 percent by April 2013. The government will also review the state pension age and consider giving loans to young people who want to start small business. Following Chancellor Osbourne’s remarks, Opposition Leader Ed Miliband told members the government’s proposed budget does not benefit the working class, and said it was an “unfair budget built on economic failure” close