Osborne said he did not want to take a position on taxes and cut spending, but said the measures were necessary for financial stability in Britain, offering to stop a huge budget deficit and pay off their debts.
Speaking of the World Economic Forum gathering of global business and political elite will be held in Davos, Switzerland, the finance minister commented on the BBC.
"If on Monday I went to parliament and rose in the shipping box in the House of Commons and said I'm leaving the deficit reduction plan that Great Britain set out last year, what your reaction?" He said.
"Within minutes, Britain would be in financial crisis. I'm not willing to let that happen.
"We require a hard tough decisions. No politician likes to cut spending and raise taxes of the people, but I was given the confusion that the previous government, and I'm trying to clear it up."
Last week, figures showed Britain's economy shrank by a shock 0.5 percent in the fourth quarter of 2010, frustrating the expectations of growth, since, according to the Chancellor, the freezing weather caused the first contraction since 2009.
The gross domestic product fell by 0.5 percent over the past three months, while expansion of 0.7 percent in the third quarter, the Statistics Office said its preliminary estimate.
The protests against the cuts package is held in London and Manchester on Saturday, 20 arrests in Manchester separatist group has crossed the city to the north-west England.
The opposition Labour finance spokesman Ed Balls on Sunday criticized the plan Osborne to clear the deficit by 2015, saying it was "economically realistic option."
"When I hear George Osborne refuse to tolerate even the idea of a plan B, I do not see any economic decision to work at all - just a political gamble with the country's economy.
"Helping to create jobs, reform our financial systems and investment in the jobs of the future is the best way to get economies back on track and reduce the deficit."