UK government stakes its future on austerity plan

[Cancel 2018. 3]

UK government stakes its future on austerity plan

LONDON – Britain outlined the sharpest cuts to public spending since World War II on Wednesday — slashing benefits and cutting public sector jobs with an austerity plan aimed at clearing record debts that swelled during the global financial crisis.

After the country spent billions bailing out indebted banks, and suffered a squeeze on tax revenue and an increase in welfare bills, Treasury chief George Osborne has staked the coalition government's future on tough economic remedies.

Osborne confirmed there would be 81 billion pounds ($128 billion) in spending cuts through 2015, which he claims are necessary along with some tax increases to wipe out a spending deficit of 109 billion pounds ($172 billion).

As many as half a million public sector jobs will be lost, about 18 billion ($28.5 billion) axed from welfare payments and the pension age raised to 66 by 2020, earlier than previously planned.

http://news.yahoo.com/s/ap/20101020/ap_on_bi_ge/eu_britain_spending_cuts

strange...liberals are telling us that all we need to do is borrow and spend more to fix our problems....

 

[Bonestorm]

Yeah, I'm going to go out on a limb here and suggest that it's a bit premature to call this austerity plan a resounding success.

By the by, how's austerity working out for the Irish economy?

 

[SmarterthanYou]

no big surprise that a government, when faced with serious budget concerns, cuts it's spending for the people it was meant to serve, but doesn't touch it's own budget in order to maintain it's size.

 

[Lowaicue]

Yeah, I'm going to go out on a limb here and suggest that it's a bit premature to call this austerity plan a resounding success.

By the by, how's austerity working out for the Irish economy?

It is really too early to tell but ... If an economy exists by supplying goods and services - as they surely must - causing half a million job losses is hardly the way toward success.

We know, in business, that cutting costs can improve matters in the short term but success comes with more business not less. Ask Bill Gates!

But, and here is the rub, these austerity measures (horrible expression) are just the excuse by inexperienced schoolboy Tories to further divide UK society a la Thatcher so the rich get richer and the poor get dead. Cameron's 'Brave New World' must not be allowed to succeed.

Cameron simply stole Obama's mantra of 'Change' without considering what changes would benefit the country. No good saying: 'the last lot got it wrong so we must do the opposite!'

As a little aside, Wayne Rooney, regarded as the best goal scorer in British football is earning £100,000 per week and will shortly move to Manchester City for an estimated £260,000 per week. Thats US$21,421,088.00 per year in the same country, under the same government that is making swingeing cuts in the living standards of the poor.

And no one in the UK is prepared (or so it seems) to get off their arses for long enough to do anything about it.

I was going to move back to the UK next year but we are seriously considering other options.

 

[Cancel 2018. 3]

Yeah, I'm going to go out on a limb here and suggest that it's a bit premature to call this austerity plan a resounding success.

By the by, how's austerity working out for the Irish economy?

so you're claiming that austerity is responsible for ireland's current economic dip? you're claiming it would be better to loan them more money when it is believe they are more likely to default than some other poorer countries?

i don't recall anyone saying it was a success...just interesting that a predominately liberal country could muster enough votes to stop run away spending....which you seem to support

 

[FUCK THE POLICE]

The UK had an election midway through a crisis, so it's policy is bound to be schizophrenic.

 

[FUCK THE POLICE]

no big surprise that a government, when faced with serious budget concerns, cuts it's spending for the people it was meant to serve, but doesn't touch it's own budget in order to maintain it's size.

What do you even mean?

 

[cancel2 2022]

so you're claiming that austerity is responsible for ireland's current economic dip? you're claiming it would be better to loan them more money when it is believe they are more likely to default than some other poorer countries?

i don't recall anyone saying it was a success...just interesting that a predominately liberal country could muster enough votes to stop run away spending....which you seem to support

Ireland's biggest problem was joining the Euro and having to sustain an interest rate that suited Germany and France.

 

[Bonestorm]

so you're claiming that austerity is responsible for ireland's current economic dip? you're claiming it would be better to loan them more money when it is believe they are more likely to default than some other poorer countries?

No. I'm saying that since Ireland implemented its austerity plan its economy has gotten worse, not better. And I'm not claiming shit, just pointing out the facts. Unfortunately for Ireland, it really had no other option. We have other options and would be wise not to do what Ireland has done when we don't have to.

i don't recall anyone saying it was a success...just interesting that a predominately liberal country could muster enough votes to stop run away spending....which you seem to support

Apparently you haven't followed UK politics recently. The liberals aren't in charge. And no, I don't support runaway spending. What I actually support is a long-term plan that provides for increased spending now while we have a significant output gap coupled with spending cuts once the economy has improved.

 

[SmarterthanYou]

What do you even mean?

you seriously don't understand my point?