U.K. Chancellor Defies Call For Spending Cut

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Monday, U.K. Chancellor Alistair Darling reportedly said the reduction in the budget deficit faster than he planned will pose risk to the economic economy. He was responding to calls from leading economists to lower spending faster than planned.

Darling told BBC Radio 4's Today programme that reducing spending too soon would put the recovery at risk. "If anyone thinks we are out of the woods yet, this is simply not the case."

In a letter to the Sunday Times, 20 leading economists had urged the government to cut public spending. Economists said the government should develop a detailed plan to cut the deficit more quickly than Chancellor Darling set out. The spending cuts should begin this year.

Monday, U.K. Chancellor Alistair Darling reportedly said the reduction in the budget deficit faster than he planned will pose risk to the economic economy. (Market News Provided by RTTNews)