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The U.K.'s Perilous Path
Keywords:
Britain faces many risks as a series of spending cuts are implemented in 2011. Inflation was at 4.4% in February, 2011, above the BOE target of 2%. This increases pressure on the Bank of England's Monetary Policy Committee to increase rates from 0.5%. BOE is widely expected to keep this rate on hold because the inflation pressures are seen as temporary. The Institute of Fiscal Studies estimate is that real household incomes have fallen by 1.6% in 2008-2011. Borrowing by the government was higher in February at 11.8 billion pounds, reducing the deficit reduction in 2011. Slower growth will cut tax receipts and reduce deficit reduction in future years.
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.
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Britain Details Radical Spending Cuts, Citing Debt
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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.
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Britain's accidental revolution
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U-Turn in the U.K.: Big Spending Cuts
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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
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Overheard: Digging for Answers on Coal
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Economist 07/08/2013
U.K. Moves To Tackle Income Squeeze
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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
The economy of Britain in 2011-2012
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Grouped Articles
The economy: On a wing and a credit card
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In U.K. Election, It’s Jobs Boom vs. Stagnant Wages
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The surprise fall in GDP: The lean year
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Wall Street Journal 03/23/2011
U.K. Economy: Suffering From Consumption?
Wall Street Journal 04/13/2011
British Deficit Defies Advocates of Austerity
New York Times 04/14/2011
Britain's 2011 Budget
06/22/2010
The 2011 Budget presented by George Osborne, Britain's Chancellor of the Exchequer.
Grouped Articles
U.K. Government Prepares For Deep Budget Cuts
Wall Street Journal 06/22/2010
Britain Unveils Emergency Budget
New York Times 06/22/2010
Radical Britain: The unlikely revolutionary
Economist 08/14/2010
Tough Slog to Balancing U.K.’s Budget
Wall Street Journal 12/04/2014
U.K. Delivers Business-Friendly Budget
Wall Street Journal 03/23/2011
Wall Street Journal 03/23/2011
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