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British chancellor presents first budget


Published: March 12, 2008 at 1:53 PM
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LONDON, March 12 (UPI) -- British Chancellor of the Exchequer Alistair Darling promised balanced budgets and responsible borrowing Wednesday in his first budget speech.

In the proposed budget he delivered to the Cabinet, he called for higher taxes on tobacco, alcohol and new cars, The Times of London reported.

Darling's speech was optimistic about the country's financial future. He predicted that the British economy would grow faster than the United States, Europe or Japan in 2008 at a rate of 1.75 percent to 2.25 percent and 2.25 percent to 2.75 percent in 2009.

He credited British Prime Minister Gordon Brown, who served as chancellor of the exchequer under Tony Blair.

"The reforms we have made since 1997 -- independence for the Bank of England and tough fiscal rules -- mean that Britain is now more resilient and better prepared to deal with future shocks and is better equipped to meet the challenges of rapid global change," Darling said.

Darling acknowledged that the country would need to more than $10 billion in the budget year than he had predicted.



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British Finance Minister Alistair Darling poses for a photograph at the Treasury Department in Washington on October 19, 2007. (UPI Photo/Alexis C. Glenn)
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