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U.K. Unveils Severe 'Unavoidable Budget'
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The move by George Osborne, and the new British government, to eliminate a structural deficit by 2015- the difference between what the government takes in and its spending which is increasing- with large spending cuts and new taxes, was announced with the new budget. It will in total by 2015 amount to about 8% of GDP, and is the largest effort to reverse increases in public spending since the days of Margaret Thatcher. After a decade of Labor governments public spending now adds up to about 50% of the economy. About 77% of the effort to cut the deficit comes from spending cuts, the rest from taxes.
The economy of Britain in 2009-2010.
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All sections of U.K. society are asked to share the burden of reducing the deficit.
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Britain's new 2010 Budget marks a big change from the past.
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The UK Chancellor of the Exchequer, George Osborne, put forward a budget with a 25% spending cut by 2015 in all departments except health and international aid. This marks a huge departure in years of spending by the Labor governments. The new Conservative-Liberal coalition government is determined to take austerity measures to reduce the national debt.
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Britain Details Radical Spending Cuts, Citing Debt
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U.K. Plans New Taxes on Banks, Multinationals
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Tough Slog to Balancing U.K.’s Budget
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