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British Fashion Victims
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Krugman points out that the loss of 490,000 public sector jobs in Britain, as laid out in British Finance Minister Osborne's plan, is equivalent to the loss of 3 million jobs in the U.S.. He does not see the private sector being able to create the jobs to make up for this loss. He cites Osborne's speech to Parliament, in which he said that "Britain was on the brink of bankruptcy," as a shift in rhetoric of the Cameron government from hope to concern that jobs in the private sector would not materialize.
Britain's perilous path with austerity cuts, inflation and lower economic growth- 2011-2015
06/22/2010
Grouped Articles
The economy: On a wing and a credit card
Economist 07/08/2013
U.K. Moves To Tackle Income Squeeze
Wall Street Journal 08/20/2013
The Curious Case of Britain's Economic Recovery
Wall Street Journal 10/21/2013
U.K. Politicians Vie to Address Fall in Living Standards
Wall Street Journal 11/18/2013
U.K. Government Prepares For Deep Budget Cuts
Wall Street Journal 06/22/2010
British Towns and Institutions Reel From First Austerity Cuts
New York Times 08/09/2010
Krugman on austerity policies in the eurozone countries and Britain
10/21/2010
Grouped Articles
New York Times 11/10/2013
New York Times 10/21/2010
Britain's Austerity Overdose
New York Times 10/22/2010
Jack Monroe Has Become Britain’s Austerity Celebrity
New York Times 01/14/2014
London's Tory Mayor Defies the Tory Party
BusinessWeek 11/04/2010
How Righteousness Killed the World Economy
New York Times 10/12/2014
Britain's new 2010 Budget marks a big change from the past.
05/13/2010
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.
Grouped Articles
Britain's accidental revolution
Economist 05/13/2010
U-Turn in the U.K.: Big Spending Cuts
Wall Street Journal 10/14/2010
Britain Details Radical Spending Cuts, Citing Debt
New York Times 10/20/2010
U.K. Plans New Taxes on Banks, Multinationals
Wall Street Journal 12/04/2014
Tough Slog to Balancing U.K.’s Budget
Wall Street Journal 12/04/2014
Overheard: Digging for Answers on Coal
Wall Street Journal 03/29/2015
Strikes and labor protest in Britain over austerity measures 2011-2012
08/14/2010
Grouped Articles
U.K.'s Labour Party Moves Back Toward Socialist Ideas
Wall Street Journal 09/25/2013
U.K. Politicians Vie to Address Fall in Living Standards
Wall Street Journal 11/18/2013
Radical Britain: The unlikely revolutionary
Economist 08/14/2010
Universities in Britain Brace for Cuts in Subsidies
New York Times 10/15/2010
Britain Details Radical Spending Cuts, Citing Debt
New York Times 10/20/2010
New York Times 10/21/2010
Conservative leader Osborne takes on Britain's deficit in earnest and presents an austerity plan.
10/08/2009
All sections of U.K. society are asked to share the burden of reducing the deficit.
Grouped Articles
U.K. Politicians Vie to Address Fall in Living Standards
Wall Street Journal 11/18/2013
Britain: Sparing Health Care from Budget Cuts
BusinessWeek 10/14/2010
U-Turn in the U.K.: Big Spending Cuts
Wall Street Journal 10/14/2010
Britain Details Radical Spending Cuts, Citing Debt
New York Times 10/20/2010
Tax rates in Britain: François Miliband
Economist 02/04/2014
U.K. Plans New Taxes on Banks, Multinationals
Wall Street Journal 12/04/2014
Stiglitz and Krugman point to the dangers in the Cameron-Osborne austerity measures in Britain
10/20/2010
Jospeh Stiglitz writing in the Guardian in 2010, at the time of the first Osborne Budget, said it was a huge gamble that the private secotr would pick up enough to make up for the impact of the budget cuts. Lower growth would mean lower tax revenues and deficit reduction targets would be missed. Krugman points out that the 490,000 job losses planned through attrition under the Osborne plan is similiar to 3 million in job losses in the U.S., a huge risk for the British economy.
Linked Articles
Britain Details Radical Spending Cuts, Citing Debt
New York Times 10/20/2010
New York Times 10/21/2010
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