Chancellor George Osborne has issued a bleak assessment of the UK's economy, warning that Britain has 'run out of money' and its only hope rests with the private sector creating growth.
Osborne (pictured) said he will stand firm by his pledge to balance the country's books by refusing to borrow more money. The chancellor has come under intense pressure to ease his tough austerity measures, amid signs the UK's economy is slipping back into recession.
Speaking to Sky News, Osborne said Britain's money had been spent during the 'good years' and warned that its reserves are now empty.
'The British government has run out of money because all the money was spent in the good years. The money and the investment and the jobs need to come from the private sector,' Osborne said.