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UK's Osborne outlines Conservative Party's economic plan ahead of election

FXStreet (Łódź) - UK Chancellor George Osborne said at the Conservative Party conference on Monday that in order to eliminate the budget deficit 25 billion pounds of permanent spending cuts are required.

3 billion pounds would be accumulated if a two year benefits freeze was introduced in 2016, Osborne suggested, adding that pensions, disability benefits and maternity pay would be exempt from the freeze.

Moreover, the chancellor announced the elimination of a 55% tax applied to pension funds of people aged 75 or over when they die, so that they can leave more money to their families. He also stressed that no more taxes would be legislated or raised, as that could bring about an "economic disaster."

George Osborne said that the state of the UK economy had been improving, thanks to the Conservative's policies, but there is still much to be done and there are many risks which could hamper the recovery.

The chancellor's speech is part of the Conservative Party's campaign ahead of the UK general election which will take place in May.

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