City workers cross the Millennium footbridge at dawn in front of St Paul's Cathedral in London, Britain January 7, 2016. REUTERS/Toby Melville
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British finance minister George Osborne warned Thursday that the economy faced a "dangerous cocktail" of threats from abroad and he urged against complacency after two years of solid growth.Osborne remains several years away from his main objective of turning Britain's big budget deficit into a surplus.British share prices tumbled nearly 3 percent Thursday, and have lost more than 5 percent since the start of the year.Osborne said the big fall in oil prices was good for most British consumers and businesses but would hurt oil and gas output and investors who had lent to the sector.Since becoming finance minister in 2010, Osborne has made reducing Britain's large budget deficit his priority, and more than halved it to just under 5 percent of gross domestic product during his first five years in office.
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