国际英语新闻：British Chancellor says economy on the path to recovery

Osborne had specially chosen words for the money markets, reassuring them that the government would not change its austerity program. "This is an uncertain world, but the British recovery is on track. Employment is growing; 1 million more jobs are being created. We will stick to the course, it is the only way to help confidence to flourish and growth to return," he said.

Osborne also confirmed details of the international assistance package for Ireland. A three-year package for Ireland worth 85 billion euros had been agreed, 35 billion euros for the banking sector, 10 billion euros for immediate recapitalization of banks. 50 billion euros will be available for sovereign debt support. 17. 5 billion euros would come from Ireland, and the remaining would be split three ways between the IMF, the European Financial Stability Mechanism, and bilateral loans a eurozone facility.

The chancellor said the British bilateral loan to Ireland is for 3.25 billion pounds, with interest rates similar to the loan from the IMF and the eurozone, and will "help one of our closest partners manage their way through difficult circumstances," said Osborne.

Osborne also announced that from April 2013 there will be a new, lower 10 percent rate of corporation tax on profits from newly- commercialized patents, which would encourage business growth.

He said the move had already brought in 0.5 billion pounds of investment from pharmaceuticals multinational GlaxoSmithKline. He also announced a consultation program for corporate tax reforms, which would be aimed at attracting international investors and businesses.

He justified these moves, saying "stability is a necessary pre- condition for growth but it is not enough, competitiveness has been in a decline for over a decade, undermining its ability to create jobs and to grow."

The OBR was set up by chancellor Osborne shortly after the new government took office in May, 2011 to make independent assessments of government spending and the economy. Previously, under earlier governments, such statistical predictions were handled within the government's treasury department, leading markets and financiers to doubt the independence and reliability of their predictions.

Alan Johnson, the main opposition Labor party's shadow chancellor, criticized the government's economic policy in the House of Commons: "The chancellor has chosen to take an uNPRecedented gamble with people's livelihoods and the country's future. The government has no alternative measures if the gamble fails."

"Growth forecasts have been cut for the next two years as the momentum in the economy this year fails to feed through to future years," he said.