Osborne says poor GDP will not deter policy drive
LONDON (Reuters) - A fall in national output in the fourth quarter shows Britain faces real problems, including sagging demand in the euro zone, but it will not undermine the government's resolve on policy, Chancellor George Osborne said on Friday.
He was speaking after data showed gross domestic product data fell more than expected, returning the economy to negative territory at the end of last year and adding to growing pressure on the government to slow the pace of budget cutbacks.
"We can run away from these problems or we can confront them," Osborne told reporters in Davos. "I'm determined to confront them so we go on creating jobs for people."
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.