(MENAFN) Following the nation's economic plunge which fell short of the expected pace, the UK is seriously considering cutting public spending more intensely than earlier intended, according to the latest reports.
Britain's economy raised by 2.2pct in 2015, weaker than growth of 2.4pct, but the country's front-runner for leadership staked his repute on turning the country's still large budget deficit into a surplus by the end of the decade.
Meanwhile, the country has endured the recent ructions in the global economy so far, but a severe drop in consumer confidence this month could be a bad omen given the nation's reliance on household spending to drive growth.
Moreover, many top economists has urged to use record low levels of government borrowing costs to fund investment and fuel the economy as the global viewpoint darkens, rather than cut public spending further.
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