George Osborne defends deficit reduction plan

Chancellor George Osborne has insisted that there will be no change in his economic strategy to reduce Britain's deficit.

He said: "Britain will stick to the deficit plan we have set out. It is the rock of stability upon which our recovery is built."

Mr Osborne was speaking alongside the IMF director Christine Lagarde at an event in London, before travelling to France for a meeting of Ministers from the G7 countries.