Global economy forcing UK to make spending cuts

UK finance minister George Osborne has warned Britons of further austerity as he prepares to unveil his budget on Wednesday. Chancellor Osborne's political opponents say further spending cuts will harm the economy. But while the UK economy has been growing faster than many of its European allies, it is not as big as the government hoped it would be by early 2016. It’s reported Mr. Osborne is trying to use international pressures to explain why he may have to cut spending domestically. The US Federal Reserve meets this coming week, but is unlikely to raise interest rates amid ongoing global stock market volatility. Last week markets in the US recorded their fourth-straight week of gains.

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