Osborne defends austerity, says on right track

LONDON (Reuters) - Chancellor of the Exchequer George Osborne defended his austerity programme on Tuesday, saying tax cuts at the current juncture would jeopardise stability.

"I'm clear the economic plan we're following is the right one," he told a parliamentary committee.

Osborne noted that while economic growth has been disappointing, Britain's labour market has been surprisingly robust.

"Our policy is monetary activism anchored by fiscal conservatism," he said.

(Reporting by William Schomberg and Christina Fincher)