British finance minister George Osborne said on Sunday he would announce further cuts to public spending this week to protect his austerity plan from a weakening of the economy, but said they would not be drastic.
Osborne said the world was facing its most uncertain time since the 2008-2009 financial crisis due to China's slowdown, the oil price fall, interest rate changes in some countries and political instability in the Middle East.
"In short, the hopes of a stronger global recovery have evaporated," he wrote in the Sun on Sunday newspaper before an annual budget announcement on Wednesday.
Osborne said a decision by Britain to leave the European Union in a referendum in June would also add to uncertainty.
"An exit from the EU would create an economic shock, it would cost jobs, damage living standards and it would represent a big leap in the dark," he said in an interview on BBC television.