Latest Business News: Britain Treasury Chief Osborne Announces Big Cuts

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Latest Business News: Britain Treasury Chief Osborne Announces Big Cuts

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Latest Business News: Britain Treasury Chief Osborne Announces Big Cuts

by Wochit 0:49 mins

Latest Business News: Britain Treasury Chief Osborne Announces Big Cuts

by Wochit 0:49 mins

Britain's Treasury Chief is about to announce the billions of pounds in spending cuts. The Treasury Chief, George Osborne, was hoping there would be no more austerity measures. But Britain's growth rate remains an anemic 0.3 percent, and the deficit has increased. Analysts suggest some departments could get cuts of up to 10 percent. According to?China's Ministry of Industry and Information Technology (MIIT), the mobile phone user base in China grew 12% on-year in May to nearly 1.17 billion subscribers. Gold hit its lowest in almost three years and was on course for a record quarterly loss after U.S. data reinforced expectations for an end to ultra-loose monetary policy.

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