Advertisement
Published in:
2016 | OriginalPaper | Chapter
6. Austerity Britain
Activate our intelligent search to find suitable subject content or patents.
Select sections of text to find matching patents with Artificial Intelligence. powered by
Select sections of text to find additional relevant content using AI-assisted search. powered by
Abstract
The new Conservative/Liberal Democrat Coalition names deficit-reduction as its top priority and Chancellor George Osborne launches an Emergency Budget of spending cuts within weeks. But this is predicated on the economy emerging from the recession. Instead, GDP growth continues to stall through a combination of rises in energy prices, stagnant or declining salaries, and the ongoing recession in the eurozone, where 50 % of the UK’s exports are sold. Critics of austerity also argue that the spending cuts are too early because the economy is still weak and are dragging down growth. Although the deficit declines, debt reduction targets are missed.