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Keep an eye on England

POSTED BY: NEWOLDBROWNCOAT
UPDATED: Monday, January 6, 2014 13:54
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Monday, January 6, 2014 11:35 AM

NEWOLDBROWNCOAT


[url]
http://money.cnn.com/2014/01/06/news/economy/uk-spending-cuts/index.ht
ml?hpt=hp_t3

[/url]

Quote:


More austerity for U.K. despite recovery
By Virginia Harrison @vharrisoncnn January 6, 2014: 10:31 AM ET


LONDON (CNNMoney)
Britain faces fresh government spending cuts worth $41 billion, signaling the scars of the financial crisis in one of Europe's strongest economies have far from healed.

In a speech Monday, Chancellor George Osborne said £25 billion ($40.9 billion) would be cut over two years through to early 2018, equivalent to nearly 2% of government spending over that period.

Faster growth is not generating enough revenue to allow the U.K. to start reducing its debt mountain, and the government doesn't want to raise taxes further.

Around half of the cuts will hit welfare programs, putting more strain on some of the country's most vulnerable residents.




Seems England was beginning to recover, economically. (I can't testify to that, myself, but that's what the article claims.) This Chancellor, Osborne, in a British Conservative, applying a conservative policy to their economy. Sounds just like an American neo-con.

So let's keep an eye out, the next couple of years, see whether their economy keeps recovering or stalls. Kinda like a lab experiment, see? They try it, it works, that proves conservative economic theory is right. It goes in the WC, we don't have to try it ourselves and mess up our economy to test it.

MY prediction- good for the rich, not so much for the working class or the poor. Overall, bad idea.

There's more story at the link.

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Monday, January 6, 2014 11:45 AM

NIKI2

Gettin' old, but still a hippie at heart...


"MY prediction- good for the rich, not so much for the working class or the poor. Overall, bad idea." Mine, too. Will be interesting to watch. Of course, a lot of things come into the equation, so it's never a perfect parallel. At the same time, austerity hasn't exactly been a shining example in Europe since the recession hit...


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Monday, January 6, 2014 1:54 PM

AURAPTOR

America loves a winner!


Stop spending so much of the people's $ that you don't have in the first place.

Fathom the hypocrisy of a government that requires every citizen to prove they are insured... but not everyone must prove they are a citizen

I'm just a red pill guy in a room full of blue pill addicts.

" AU, that was great, LOL!! " - Chrisisall

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