Britain has unveiled a five-year deficit reduction plan aimed at saving hundreds of billions

Britain has become the latest EU member to announce an austerity budget. Finance Minister, George Osborne, has unveiled a five-year deficit reduction plan aimed at saving hundreds of billions by cutting public sector spending and increasing taxes. The British plan follows similar moves by Germany and France, and comes despite pleas from US President Obama for G-20 economies to hold off on phasing out stimulus packages that are still helping the global economy recover from recession.