UK Aims to Become World’s Wealthiest Nation – Chancellor of Exchequer

The living standards in Great Britain have risen over the tenure of the current parliament, with ordinary families being some $1,300 better off a year.

MOSCOW (Sputnik) — Britain aims to be the world's most prosperous country, which makes long-term strategies preferable to any kind of "short-term giveaway," British Chancellor of the Exchequer George Osborne said Wednesday presenting the country's budget for 2015.

He said that the living standards in the country have risen over the tenure of the current parliament, with ordinary families being some $1,300 better off a year.

According to Osborne, growth will require more government spending cuts. The chancellor stated that the next parliament will need to decrease government spending by $19 billion, the welfare budget by $17.5 billion, and decrease losses caused by tax avoidance by $7.3 billion.

"We have done it in this Parliament; we can do it in the next," Osborne said.

He also announced that the UK GDP is forecast to increase in growth by 2.5 percent this year, 0.1 percent up from the fall forecasts.

However, the growth forecast for 2015 remains lower than the 2014 figure, which stood at 2.6 percent, according to the Office for Budget Responsibility.

In mid-January, Osborne stated that he sees no reason why Britain cannot become the world's richest country in 2030 provided all the necessary reforms are implemented to boost economic growth.