"We are arguing about the small details but not the big picture"
- George Osborne, the Chancellor of the Exchequer
Ahead of a key data on Thursday that will likely to show that the U.K. gross domestic product picked up 0.3% in the first quarter, compared to a decline of 0.3% in the quarter earlier, George Osborne, the Chancellor of the Exchequer, pointed out that a relapse is possible in case the government abandon their economic plan. The policy makers are still working through a £11.5 billion planned departmental cuts, and later will unveil the Spending Review for 2015/16. The U.K. shadow chancellor Ed Balls, who is responsible for shadowing Osborne's activity, said that Labour might borrow more money than expected for infrastructure spending, even despite a pledge to match the Coalition's spending plans.
Economic data for the British economy has been picking up during the last several months, underpinning hopes that the recovery is likely to be sustained. Moreover, this week's report is expected to give the Chancellor another boost, supporting his measures, by erasing the double-dip recession in the beginning of this year. The U.K. GDP will rise 0.6% year-on-year during the first three months of this year, however, a bunch of better-than-expected data is raising chances that the data may beat analysts' expectations.
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