Osborne 'set to miss debt target'

Chancellor George Osborne will miss a key debt target unless he delivers new measures in his forthcoming mini-budget, the European Commission (EC) has warned.

The Government is unlikely to be able to reduce debt as a share of gross domestic product (GDP) by 2015/16 in light of recent public finance figures, the EC said. Mr Osborne will be forced to take action - such as further spending cuts or tax rises - in his autumn statement in December if the target is going to remain a possibility.
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