British finance minister George Osborne cut the top rate of income tax while imposing new levies on the wealthy, in a political high wire act designed to rejig the burden of austerity without wavering on plans to erase a huge budget deficit.Britain should avoid a renewed recession and while the recovery was set to remain modest this year, growth should pick up thereafter, Osborne told parliament in his annual budget statement on Wednesday.A sometimes uneasy coalition government of centre-right Conservatives and more left-wing Liberal Democrats has made erasing a huge budget deficit - which topped 11 percent of GDP before it took office - within the next five years its core objective, and the latest forecasts showed it remained on track... Read on