UK Osborne: Economic 'Healing' is Taking Longer than We Hoped

BIRMINGHAM, England - The U.K. economy is "healing" but it is taking longer than hoped, U.K. Chancellor of the Exchequer George Osborne said Monday in a speech where he underscored the government's determination to stick to its austerity drive.

"The economy is healing, but that healing is taking longer than we hoped because the damage was greater than we feared," he said at the Conservative party's annual conference.

Mr. Osborne also said the government was consulting on a "generous" new tax regime for shale gas "so that Britain is not left behind as gas prices tumble on the other side of the Atlantic."

Copyright (c) 2012 Dow Jones & Company, Inc.

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