Emergency Budget 2010: Slaying The UK Debt Monster
14 years ago
4072 views
At the start of the year, I wrote an article predicting that 2010 would see the end of the era of credit. So here it comes, our big bang moment of the year. Today, the new UK coalition government will begin the arduous task of attempting to reign in the biggest debt monster in our fiscal history.
The ‘recession’ we’ve experienced so far, I suspect, will be nothing compared to what comes next. Tomorrow the tide of credit we’ve been drowning in finally goes out. And when it does we’ll really see who’s been trying to swim with no trunks on.
Inappropriate Optimism?
Make no mistake, this has to happen and it will be painful. But at least there are two reasons to be comparatively optimistic.4072 views
Posted
22nd June, 2010 00h00
- We’re doing this of our own volition. However painful George Osborne’s budget is, it will be less punitive than if we simply kept on racking up our debt. According to Nick Clegg, we (the UK government) are currently paying £80,000 of interest a minute.
- The presence of the Lib-Dems within the government perhaps ensures some degree of balance to the cuts that have to be made. (I may be in business but I strongly believe in social justice.)
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