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British economy needs at least £48bn to survive [Copy link] 中文

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Post time 2012-11-14 08:36:28 |Display all floors
British Chancellor George Osborne will need to raise taxes or cut government expenditure by £48 billion in the next treasury spending round if he wants to get the reduction deficit plans back on track, media reports said.

Separate studies by the Social Market Foundation (SMF) and the Royal Society of Arts (RSA) found that the country’s poor economic conditions had left the Chancellor with a larger fiscal gap than previously thought, British media reported.

According to the reports, the British economy’s weaknesses will leave Osborne with no other choice but to cut spending or raise taxes by £22 billion more than what was proposed in 2010.

SMF's director Ian Mulheirn said: “the Chancellor will have to lay out some eye-watering cuts at the next spending review and will have to prolong austerity policy deep into the next parliament.”

Mulheirn added that a further £22 billion, about 23 percent, of cuts would now be required to make ends meet.

The predicted additional cuts could spark concerns of a triple-dip recession among Britons whom have not yet been healed from the devastating consequences of the country’s bad economic conditions.


old hag needs even more to stay afloat. Old hag is going down the drain. World will be free of the putrid stench of the Old hag for good.

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Post time 2012-11-14 17:51:40 |Display all floors
48 billion is peanuts.

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