OECD Secretary-General Angel Gurría hailed the budgetary measures announced today by U.K. Chancellor of the Exchequer George Osborne as a courageous move that will underpin fiscal consolidation while supporting economic recovery.
“The Budget announced today by the U.K. Chancellor of the Exchequer is a courageous move,” Mr. Gurría said in a statement. “It provides the necessary degree of fiscal consolidation over the coming years to restore public finances to a sustainable path, while still supporting the recovery. The plan for a gradual reduction in the deficit over the next five years is concrete and far-reaching. It is appropriate that the bulk of the adjustments come from public expenditure restraint, and that the tax measures focus mostly on consumption.“