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By David Milliken LONDON (Reuters) - chancellor George Osborne is set to announce a turning point in his battle to fix the country's public finances on Thursday, but falling living standards mean he cannot declare victory. A sudden pickup in economic growth means Osborne's goal of fixing Britain's finances is no longer out of reach and he is set to announce the first big fall in projected public borrowing since the coalition took power in 2010 when he delivers a half-yearly update on the budget. Prime Minister David Cameron on Sunday announced plans to fund unpopular environmental levies on energy bills through general taxation, a response to Labour's calls for a state-imposed freeze in household fuel bills. But on Wednesday, Cameron played down expectations of new tax cuts and stressed his government was determined to eliminate the budget deficit.