Cutting These 10 Everyday Expenses in 2014 Will Save You $8,844
How to Perfectly Plan Your Divorce to Protect Your Assets
PNC Bank Review – Overview of PNC Bank Accounts, Loans and More
Here’s Why Bank of America Just Closed Your Credit Card Without Telling You
2014 Academy Award Statue Valued at Just Under $400
Why You Could Start Seeing Your Credit Score on Your Credit Card Bills
How to Host Your Academy Awards Viewing Party on a Budget
Warren Buffett Reveals His No. 1 Investment Strategy That Anyone Can Follow
Your ATM’s OS is a Decade Old: Here’s Why Banks Are Scrambling to Update It
What You Need to Know About Obama’s $3.9 Trillion 2015 Budget
Discover What a Discover Bank Online Savings Account Can Do For You
4 Tips to Cut Your Monthly Bank Fees
Here’s Why One Analyst Says Bank Stocks Are Going to Double
How Ben Bernanke Earned $250,000 in 40 Minutes
Visa and MasterCard Join Forces to Protect Your Card from Hackers
George Osborne: I am not 'panicking' about the economy
Mr Osborne said that the British economy still “faces very serious economic challenges” but denied that a series of recent criticisms from independent experts had left him concerned.

Official statistics to be released this week are expected to show that economic growth is slowly increasing.

Britain suffered a recession in 2008 and 2009, and then again at the start of last year.

Despite economic data in recent months being poor, ministers believe that this week’s figures will be positive and could mark the start of a sustained economic recovery.

However, there is a concern among Conservative strategists that voters will not notice the economic recovery as the cost of living continues to rise while wages stagnate.

Any positive reading would spare the Chancellor political embarrassment following pressure on his economic policy from the International Monetary Fund (IMF).

The IMF last week suggested that the Government should strongly consider abandoning its timetable for spending cuts and tax rises, which are meant to reduce the budget deficit.

Critics of the Coalition’s strategy say that austerity policies are choking growth, which in turn reduces tax revenues and forces the Government to borrow more.

Despite a growing sense of optimism among Conservatives, independent forecasters say that Britain still faces years of below-par growth.

The IMF last week cut its forecast for growth this year to just 0.7 per cent. Next year’s expansion will be only 1.4 per cent, the fund expects.

Fitch, the ratings agency, last week cut Britain’s AAA status, the second agency to do so, because of weak growth.

Speaking during an interview with BBC Radio 4’s Today programme Mr Osborne was asked whether he was in a “panic” about the credit rating downgrade and the criticism from the IMF.

“No,” Mr Osborne said. “The answer is no.”

He criticised Olivier Blanchard, the IMF’s chief economist, and said he represented just “one voice”.

“What the IMF has said actually is that the United Kingdom is forecast to grow more that Germany and France, than the rest of the eurozone,” Mr Osborne said.

“That is one voice, one person. The chief economist has a well-known set of views on this which he has expressed in various forms over several years.”

The Chancellor added: “The British economy of course faces very serious economic challenges. The fact that the rest of our neighbours are having an even tougher economic time does not help because a lot of our exports do go there.”

His comments came after the Archbishop of Canterbury warned that Britain is in the depths of an economic depression.

The Most Rev Justin Welby, a former City oil trader, called for a radical overhaul of the financial system including the break-up of at least one major state controlled bank and a return to smaller, regional banks, curbing the dominance of London.

“I would argue that what we are in at the moment is not a recession but essentially some kind of depression,” he said. “It therefore takes something very, very major to get us out of it in the same way as it took something very major to get us into it.”

Mr Osborne said he agreed with the Archbishop’s comments but refused to go as far as using the word “depression”.

Mr Osborne said: “Of course we are recovering, as indeed the Archbishop of Canterbury has reminded us, from a very deep banking crisis.

“I agree with his analysis. I don’t use that word [depression]. I agree with his analysis that we have a slow and difficult recovery because of the difficulties in the banking system.”

Hey Ladies: Don’t Miss Out on the Broke Boyfriend Tax Exemption
3 Ways to Fix Your Finances in One Hour for Daylight Saving Time
IRS Reports This Year’s Average Tax Refund is $3,034
How to Start Saving Money for Your Baby’s College Education
How to Find Free Tax Preparation in Your City
IRS Wants to Pay You $25,000 for Saving Your Tax Return
5 Secrets Your Bank Doesn’t Want You to Know
How to Handle the 5 Most Awkward Money Situations
4 Tips to Cut Your Monthly Phone and Cable Bills
Stop Wasting Money Because You Won’t Admit You’re Old
Amazon Prime Price Hike: Is It Worth It?
10 Tips for Winning Your March Madness Bracket and Some Extra Cash
I Lost My W-2! What Should I Do?
4 Cheap, Fun Ways to Celebrate St. Patrick’s Day
What Four Leaf Clovers and Interest Rates Today Have in Common


Visit Statistics