Osborne: UK has run out of money

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The Government ‘has run out of money’ and cannot afford debt-fuelled tax cuts or extra spending, George Osborne has admitted. Mr Osborne is under severe pressure to boost growth, amid signs the economy is slipping back into a recession. Photo: PA By Rowena Mason, Political Correspondent 10:02PM GMT 26 Feb 2012 In a stark warning ahead of next month’s Budget, the Chancellor said there was little the Coalition could do to stimulate the economy. Mr Osborne made it clear that due to the parlous state of the public finances the best hope for economic growth was to encourage businesses to flourish and hire more workers. “The British Government has run out of money because all the…

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