Britain slashes spending in new austerity drive

AFP, LONDON: British finance minister George Osborne unveiled fresh austerity measures Wednesday to slash the country’s debt, evoking the plight of crisis-hit Greece in presenting the first purely Conservative budget for nearly 20 years.
Chancellor of the Exchequer Osborne slashed welfare spending to honour campaign promises after his Conservative party—headed by Prime Minister David Cameron—unexpectedly won an outright majority in a May 7 general election.
“This is a Conservative budget that can only be delivered because the British people trusts us to finish the job,” said Osborne, who now has a free hand with the public finances after a tense five-year coalition with the centrist Liberal Democrats.
“The greatest mistake this country could make is to think all our problems are solved,” he told lawmakers during a speech lasting over an hour.
“You only have to look at the crisis in Greece to realise if a country is not in control of the borrowing, the borrowing takes control of the country.”
The budget would transport Britain “from a low wage, high tax, high welfare economy, to the higher wage, lower tax, lower welfare country we intend to create”, he said. Osborne declared the government would save £37 billion ($57 billion, 51 billion euros) in further fiscal consolidation over the next five years.

Britain slashes spending in new austerity drive

AFP, LONDON: British finance minister George Osborne unveiled fresh austerity measures Wednesday to slash the countrys debt, evoking the plight of crisis-hit Greece in presenting the first purely Conservative budget for nearly 20 years. Chancellor of the Exchequer Osborne slashed welfare spending to honour campaign promises after his Conservative partyheaded by Prime Minister David Cameronunexpectedly won an outright majority in a May 7 general election. This is a Conservative budget that can only be delivered because the British people trusts us to finish the job, said Osborne, who now has a free hand with the public finances after a tense five-year coalition with the centrist Liberal Democrats. The greatest mistake this country could make is to think all our problems are solved, he told lawmakers during a speech lasting over an hour. You only have to look at the crisis in Greece to realise if a country is not in control of the borrowing, the borrowing takes control of the country. The budget would transport Britain from a low wage, high tax, high welfare economy, to the higher wage, lower tax, lower welfare country we intend to create, he said. Osborne declared the government would save 37 billion ($57 billion, 51 billion euros) in further fiscal consolidation over the next five years.