Britain's Treasury chief revealed plans Wednesday to clamp down on multinationals as he outlined a series of measures he hopes will help his Conservative Party in the run-up to the general election in the spring.

In a statement to lawmakers, George Osborne trumpeted the latest upgrade to the U.K.'s growth forecasts but played down his failure to eliminate the budget deficit. The Autumn Statement, as it is known, is a showpiece of political theater - and a good moment for the country's top economics official to highlight successes in Europe's third- largest economy.

The independent Office of Budget Responsibility raised its prediction for U.K. growth this year to 3 percent, which makes it one of the top-performers in the developed world. That said, Osborne said much more remained to be done to get the country's public finances into shape.

"Do we finish the job - and go on building the secure economy that works for everyone?" Osborne asked. "I say: we stay the course. We stay on course to prosperity."

Despite years of spending cuts, the Conservative-led government has not achieved the budget objectives set back in 2010. The country's budget deficit is much higher than anticipated partly because many of the jobs created are low-wage jobs where workers don't pay much income tax.

Falling oil revenues are also hurting Osborne's efforts to bring the deficit under control. The U.K. is an energy-producing nation, so falling oil prices reduce the revenue the government gets from North Sea oil and gas production, especially since production is likely to decline.

He also announced new plans to clamp down on tax avoiders - including an economic activity tax for multinationals. Dubbed by the media as being the "Google Tax," it places a 25 percent levy on profit generated in Britain, regardless of where their corporate headquarters are located.

The government will also repay debt that Britain used to finance World War I. The bonds were issued without a fixed repayment date, but the Treasury said the government will take advantage of low interest rates to repay it now in full.