Arab Today, arab today more cuts needed to balance british budget
Last Updated : GMT 05:43:04
Arab Today, arab today
Arab Today, arab today

More cuts needed to balance British budget

Arab Today, arab today

Arab Today, arab today More cuts needed to balance British budget

London - XINHUA

Despite spending cuts of 11.5 billion pounds (17.4 billion U.S. dollars) announced by British Chancellor George Osborne for 2015-16, a leading think-tank believes it will not be enough to balance government budgets in the medium term. The Institute for Fiscal Studies\'s (IFS) deputy director Carl Emmerson told Xinhua on Friday that further consolidation would be needed to get borrowing back down to a sustainable level. \"If those forecasts prove correct further spending cuts or tax rises to the tune of 25 billion pounds by 2017-18 would be required,\" he added. The latest round of cuts to balance the budget were not envisaged by Chancellor Osborne when he unveiled his first budget in 2010. However, lacklustre growth has meant his plans have been blown off course. IFS director Paul Johnson added that radical changes to the level and composition of public spending would continue. \"An announcement that 144,000 public sector jobs would go in one year as part of a program that could see one million jobs lost by 2017-18 would have created a storm normally. But not now. We seem almost to have got used to this level of austerity,\" he said. Recent cuts have hit local government, justice and environment while protect health, pensions and schools. Emmerson said this was not a break from the norm of previous governments. He added, \"The ring-fencing for schools and health looks important but a real-terms freeze for the NHS is still pretty challenging.\" However, the experts warned the ring fences would have to be looked at to continue cutting overall spending. Chancellor Osborne\'s unveiling of spending cuts had been followed by an announcement by the Chief Secretary to the Treasury Danny Alexander of capital investment plans for 100 billion pounds worth of investment in infrastructure up to 2021. Most of these capital investments take place after 2015-16. \"The spending round and the announcements after the spending round did not increase capital spending compared to what we already knew about or indeed compared to what we are currently spending on investment,\" said Emmerson. However, the spending plans came against a recent history of cuts in capital spending, and thus marked a change in course. Overall, the experts said future polices will continue to stay the course. \"It (the budget) is not a step up in investment spending, it is maintaining investment at the same level but it does still mean investing in new railways and road and so on,\" Emmerson said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today more cuts needed to balance british budget Arab Today, arab today more cuts needed to balance british budget

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today more cuts needed to balance british budget Arab Today, arab today more cuts needed to balance british budget

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday