"Undermining the credibility of our deficit plan, going back on our commitment to deal with our debts, would be a complete catastrophe for Britain," he said. "(That) would put us into the place where some European countries are at the moment and that is not a place where Britain wants to be."
Ahead of Osborne's semi-annual statement, the Office for Budget Responsibility will announce financial figures, expected to show higher borrowing and lower growth than previous estimates.
Vicky Redwood, an economist at Capital Economics, said those figures will force Osborne "to choose between introducing even more austerity in the autumn statement and letting at least one of his fiscal rules slide."
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