British finance minister warns of deficit ‘turmoil’


LONDON — British Finance Minister George Osborne insisted on Sunday he would resist pressure to drop his deficit reduction plan, saying to abandon it would unleash “financial turmoil” within minutes. Osborne said he did not like having to raise taxes and slash spending, but said the measures were necessary to give Britain financial stability as he bids to rein in the massive budget deficit and pay off the country’s debts. Speaking from the World Economic Forum gathering of the global business and political elite taking place in Davos, Switzerland, the chancellor of the Exchequer made the comments to BBC television.