Recovery 'is taking longer'
GEORGE OSBORNE has admitted it is taking longer for Britain to recover from the financial crisis than he hoped amid warnings that the Government would miss its key economic targets.
The Chancellor also warned the rich would pay more when he unveils his Autumn Statement on Wednesday but ruled out Lib Dem proposals for a mansion tax.
Mr Osborne said the independent Office for Budget Responsibility would report on Wednesday on whether the Government would meet its economic goals.
"We had two targets: one was to get debt share falling as a share of national income by 2015/16 and also to balance the current budget," he told BBC 1's Andrew Marr Show.
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"It is clearly taking longer to deal with Britain's debts; it's clearly taking longer to recover from the financial crisis than one would have hoped but we have made real progress."
Economic experts warn Mr Osborne will have to put back his goal to cut the nation's debt as a percentage of gross domestic product (GDP) in 2015/2016 without major spending cuts and tax rises.
LABOUR has started work on drafting its own Bill based on the Leveson recommendations for press regulation and will use it as the basis for a Commons vote if David Cameron blocks reform, it emerged last night.
The party was frustrated by suggestions that draft legislation the Prime Minister ordered to be drawn up was simply an exercise in showing the plans are unworkable.
It has brought in legal experts to put together proposals within two weeks, a party source said tonight.
FINANCIALLY stricken families across the UK are being hit with the world's worst tax rates, according to a study.
Research shows households with two adults and two children containing one earner are paying around 73% in tax - made up largely from income tax, national insurance contributions and the removal of some benefits - higher than any other country in the developed world.