Osborne: UK has run out of money
The Government 'has run out of money' and cannot afford debt-fuelled tax cuts or extra spending, George Osborne has admitted.
Mr Osborne is under severe pressure to boost growth, amid signs the economy is slipping back into a recession. Photo: PA
10:02PM GMT 26 Feb 2012In a stark warning ahead of next month’s Budget, the Chancellor said there was little the Coalition could do to stimulate the economy.Mr Osborne made it clear that due to the parlous state of the public finances the best hope for economic growth was to encourage businesses to flourish and hire more workers.“The British Government has run out of money because all the money was spent in the good years,” the Chancellor said. “The money and the investment and the jobs need to come from the private sector.”Mr Osborne’s bleak assessment echoes that of Liam Byrne, the former chief secretary to the Treasury, who bluntly joked that Labour had left Britain broke when he exited the Government in 2010.He left David Laws, his successor, a one-line note saying: “Dear Chief Secretary, I’m afraid to tell you there’s no money left”.
Scroll the page, there is plenty here of interest. These are my thoughts, commentaries and observations on the times we live in. Discussion requires commentary. So please feel free to comment. There are also check boxes for Interesting, Funny & Cool AKA "Prime's Worm Hole," formerly "The Borg Conspiracy"
The Borg Pages
▼
Sunday, February 26, 2012
And so it begins
So how long does it take for the same reality to be revealed about the US.
No comments:
Post a Comment
Welcome to my blog. I appreciate all sincere comments. Try to remain civil and I will try to do the same. And if something I write about is of interest to you? Or you have something to contribute to the discussion? Then by all means leave your comment and thoughts on the issue.