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George Osborne receives unexpected backing

In a surprising development, George Osborne, the Chancellor of the Exchequer, has today received the backing of 35 of the U.K.'s largest companies with regards to his spending cut plans. Bosses from companies such as Marks & Spencer, BT and GlaxoSmithKline are amongst a host of companies who have written an open letter to the Daily Telegraph pleading for George Osborne not to water down his spending cuts.

There is no doubt that the UK government is under pressure from all sides with many parties looking for budget cuts to be diluted and others adamant that cuts are required in the short to medium term. It seems as though George Osborne will push ahead with the vast majority of expected cuts in the government budgets but it is highly likely that many of the high-profile casualties mentioned in the press over the last few days could receive a "last-minute reprieve".

It will be interesting to see whether the support of business leaders in the UK will see George Osborne push further and deeper into the UK government budget or whether indeed he does dilute some of his spending reduction plans. We should find out this week exactly what the coalition government has in store for the medium-term!

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