While cuts are inevitable, there are ways to rebalance cuts towards those with the broadest shoulders. Public sector jobs are not the problem.
The IMF has cited some improvement in overall economic conditions, but has urged the government to do more to speed up growth in its assessment of the UK economy.
According to the latest ONS borrowing figures, the deficit for April was £6.3bn, around £2bn lower than expected. Public sector net borrowing for the previous year (2012/13) was revised down from £120.6bn to £119.5bn (compared to a deficit of £120.9bn in 2011/12).
The UK is experiencing a slower economic recovery than 23 of the 33 advanced economies monitored by the International Monetary Fund (IMF) and is lagging behind all but one G7 country on exports, wage growth and manufacturing, according to new analysis published today by the TUC.
A majority of the public believes the government’s economic plan has failed and that it will be ‘time for a change’ in 2015, according to a ComRes survey for tomorrow’s Independent.
Posted in Good Society
Also tagged austerity
George Osborne fails on his own terms.
Some things are worth repeating because they are that important and some things should be repeated because they were not heard, or listened to, the first time. Some fall under both categories.
This Thursday we will find out whether or not the UK economy is in an unprecedented triple-dip recession. Economically, however, whether the country finds itself in a triple dip recession or not is largely symbolic – the chancellor’s austerity policies are failing and there is every chance they will go on failing unless he injects some stimulus into the economy.
Bill Gross, manager of the world’s largest bond fund for Pimco and one of the most widely followed and influential voices in the bond market, has attacked the UK’s and Eurozone’s austerity measures, saying that austerity is not the way to induce growth.
The International Monetary Fund (IMF) has cut the UK’s growth forecast more than any other major economy and called for the government to spend more to stimulate growth.