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 Thursday, 16 May 2013 13:04 |  | 
 George Osborne, the chancellor of the exchequer, has insisted that Britain will stick to its austerity programme, saying it was “patently ludicrous” to start spending more.
Mr Osborne told business leaders at a conference in London that "now is not the time to lose our nerve" and dismissed the Labour Party's call for a temporary cut in VAT to boost demand, saying the figures did not stack up.
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The outgoing governor of the Bank of England presented a relatively upbeat assessment of the UK economy on Wednesday, predicting a "modest and sustained" recovery.
George Osborne, the UK's chancellor of the exchequer, called on the European Union's finance ministers on Tuesday to back growing moves for global co-operation in tracking down vast amounts in unpaid taxes.
An unprecedented triple-dip recession in the UK has been avoided after the economy grew by a better-than-expected 0.3% over the first three months of the year, according to official figures released on Thursday, writes David Sapsted.
A deal to sell more than 600 Lloyds Bank branches in the UK to the Co-operative Group has collapsed, it was announced on Wednesday, writes David Sapsted.
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- European Central Bank keeps interest rates unchanged
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- EU leaders hammer out budget reduction deal
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