UK Chancellor: 'British Gov't Has Run Out of Money'

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Britain's top financial official Chancellor George Osborne said the United Kingdom doesn't have the money to increase spending in the next budget nor can it afford tax cuts.

"The British government has run out of money because all the money was spent in the good years," he said. "The money and the investment and the jobs need to come from the private sector."

Osborne's job is the British equivalent to the U.S. secretary of the treasury. He said he would stand firm on his effort to balance the books by refusing to borrow money.

"Any tax cut would have to be paid for," he told Sky News. "There would have to be a tax rise somewhere else or a spending reduction."

"In other words what we are not going to do in this budget is borrow more money to either increase spending or cut taxes," he added.

Osborne has said he will resist pressure to hand over billions in British taxpayers' money to help bail out struggling European Union countries.

He said Europe had not taken the necessary measures to help itself tackle its debt problems. Until that happens, Britain will not give any extra funds to the International Monetary Fund.

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