LONDON (Reuters) – Britain will endure more austerity and miss a key debt-cutting goal as the economy looks set to grow far slower than previously thought, the government said, in a bleak outlook that could hurt Prime Minister David Cameron’s re-election chances.

Chancellor George Osborne said welfare payments will be squeezed and tax rises and spending cuts will drag on for an extra year until 2018, as tight lending and weakness in the global economy hold back Britain’s recovery.

LONDON (Reuters) – Chancellor George Osborne said on Wednesday he would break a key debt promise and warned that growth will be weaker than expected in a bleak outlook that could damage his party’s hopes of winning a 2015 election.

In a budget update to parliament, Osborne said weak growth meant he will be a year late in meeting a self-imposed target of seeing debt falling as a percentage of Britain’s national output by 2015/16.

LONDON (Reuters) – British finance minister George Osborne said on Wednesday he would break a key debt promise and warned that growth will be weaker than expected in a bleak outlook that could damage his party’s hopes of winning a 2015 election.

In a budget update to parliament, Osborne said weak growth meant he will be a year late in meeting a self-imposed target of seeing debt falling as a percentage of Britain’s national output by 2015/16.

LONDON (Reuters) – Spending at the London Olympics fuelled Britain’s strongest quarterly economic growth in five years between July and September, although that strength is unlikely to be sustained.

Tuesday’s figures, confirming that Britain has come out of recession, will buoy Chancellor George Osborne a week before he is due to deliver his half-yearly budget statement.

LONDON (Reuters) – Britain believes European Union leaders can still reach a deal to secure a long-term budget after talks collapsed last week, but spending must be cut by billions of euros if London is to back the plans, Prime Minister David Cameron said on Monday.

In comments that will appeal to rebellious anti-EU lawmakers threatening his authority and voters who see Brussels as a wasteful “gravy train”, he demanded cuts to European officials’ wages, pensions and perks.

LONDON (Reuters) – Britain believes European Union leaders can still reach a deal to secure a long-term budget after talks collapsed last week, but spending must be cut by billions of euros if London is to back the plans, Prime Minister David Cameron said on Monday.

In comments that will appeal to rebellious anti-EU lawmakers threatening his authority and voters who see Brussels as a wasteful “gravy train”, he demanded cuts to European officials’ wages, pensions and perks.

BRUSSELS (Reuters) – British Prime Minister David Cameron gained allies in his fight against EU spending rises on Friday to avoid having to wield a solitary veto that would have further isolated Britain and fuelled questions about its future in the 27-nation bloc.

The collapse of talks in Brussels to agree a 1-trillion-euro ($1.30 trillion) budget also meant Cameron for now will avoid having to present a deal to a fractious parliament that defeated him last month in a vote calling for European Union spending cuts.

BRUSSELS (Reuters) – Britain is calling for billions of euros in cuts to European Union officials’ pay and pensions, a move that has support in Britain and other northern European countries but risks blocking attempts to reach a long-term EU budget deal.

Prime Minister David Cameron, who wants a real-terms freeze in EU spending between 2014 and 2020, is pushing for the EU to cut its wage bill by 10 percent, push officials’ retirement age up to 68 from 63 and reduce generous pensions benefits.

BRUSSELS, Nov 23 (Reuters) – Britain is calling for billions
of euros in cuts to European Union officials’ pay and pensions,
a move that has support in Britain and other northern European
countries but risks blocking attempts to reach a long-term EU
budget deal.

Prime Minister David Cameron, who wants a real-terms freeze
in EU spending between 2014 and 2020, is pushing for the EU to
cut its wage bill by 10 percent, push officials’ retirement age
up to 68 from 63 and reduce generous pensions benefits.

BRUSSELS (Reuters) – European Union negotiators are close to securing British and German backing for a deal on a nearly trillion euros of spending over the next seven years, but concessions will be needed to win support from France, Poland and some southern European states.

European Council President Herman Van Rompuy, who is chairing the summit of EU leaders, has to win over London and northern European states furious at a proposed hike in EU spending over 2014-2020 by making deep cuts to the plans.