UK is gambling by Barbora Misakova

The whole human race without exception has one characteristic in common – greediness. We want all our grandiose plans and luxury ideals to be done for free, with no sacrifices. But that is not possible. So why are we still expecting miracles especially in the spheres where they will never happen? United Kingdom needs a miracle. And there is probably only one person living in the UK who realized the truth, and that is: they get nothing without losing something else. British Chancellor George Osborne proposed cuts in public spending and even though everyone agrees something had to be done, these cuts are still considered to be unprecedented. Osborne’s “blood! bath budget” requires massive spending cuts and some very significant tax hikes in order to eradicate UK’s crippling deficit (what represents 10 percent of GDP). The mathematics is clear: 23 percent of the savings will come through tax increases and the rest of the savings will come from harsh cuts in public spending. Simon Jenkins called Osborne’s budget a gamble. He continued in his warnings when he said: “Expecting the public sector to spend a quarter less by 2015 without jeopardizing the overall prosperity of the country requires and impressive leap of faith in the recuperative powers of the private sector – for which there is little evidence outside the much-abused financial sector.” Cuts worth 11 billion pounds are called “a Dickensian move” and everyone is thinking of the worst. Columnist Keving McGuire wrote about British Chancellor about a man who is treating Britain as a laboratory to re-test failed right-wing econom! ics. Not everyone, however, is convinced that cuts in public s! pending are a recipe for disaster and some international observers hope the Osborne gamble will work. And I do too.

related story (sgx17678): http://www.france24.com/en/20100623-deficit-versus-growth-ch...

by Barbora Misakova for Cantell TV (http://cantell.tv)

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