British Chancellor of the Exchequer George Osborne reported on the budget. He told members that the country was “on course” to meet budget targets over the upcoming five years despite new figures showing slow growth and more borrowing. Chancellor Osborne outlined the state of the nation’s finances, and said the deficit fell by a quarter during the preceding two years and that unemployment was expected to peak by 8.3 percent, lower than the 8.7 previously predicted. He also announced that the proposed three pence-per-liter fuel tax had been cancelled.