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Growth in the UK economy in the economy is expected to be 1.2% rising to 2.7% by 2014 with the inflation target keeping firm at 2%.
Unemployment is also predicted to fall over the next four years after peaking this year with the Chancellor George Osborne aiming to get debt as a percentage of GDP falling by 2015.
"Unless we deal with our debts there will be no growth," warned the chancellor as he spoke of the reality of the current situation, which has a lower growth rate than the one forecast by the previous administration.
He said that it was operating to an 80/20 rule with 80% of the measures taking the form of spending cuts and only 20% of tax increases: "The country has over spent it has not been over taxed."