‘Osborne poised for bleak Budget’

UK Chancellor George Osborne will deliver his budget to parliament today in which he is expected to unveil £2.5bn (€2.9bn) in government department cuts.

The money saved is likely to be redirected towards infrastructure projects, which are designed to boost the nation’s economic growth.

This is Osborne’s fourth budget and follows a string of miserable economic news for the UK. Earlier this year the country lost its AAA credit rating, while data showed the British economy shrank at the end of 2012.