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The following article was published in our article directory on October 25, 2010.
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European Countries to Reduce the Deficit were Hit by Strike

Article Category: Business

Author Name: Amanda xzh

Across the UK this weekend will have a more large-scale demonstrations, some even said that trade unions can not rule out the possibility of a nationwide strike

Osborne announced today the finance minister is completely beating reduction plan, in which the largest part of social welfare to save 70 million pounds, which will have annual income like me, Ten thousand low-income two or three thousand pounds cause serious damage to people, not just the loss of revenue, and we rely on public services will also be affected. Jack just over one year of work at 10 Downing Street door swing of a "protest small table."

British Chancellor of the Exchequer George Osborne on October 20 to submit to Congress an assessment of public expenditure reports, to prevent British bankruptcy because of huge deficits, the Government decided in the next 4 years cut 81 billion pounds of public expenditure. According to the British National Bureau of Statistics, the United Kingdom from 2009 to 2010 fiscal year budget deficit of up to 155 billion pounds, setting a historical record of the country, while the country's overall debt levels, or rise in the coming years to 9,000 million pounds, the total GDP, 70%.

Osborne said: "This is the difficult road towards a better future." British opposition Labor Party believes that a coalition government this project is simply not realistic, "fantastic", and so reckless act or will be greatly shaken the British still fragile economic, and even back to the UK will decline. At the same time, also led to a substantial reduction in the public outcry. 20 evening, thousands of people in the Prime Minister Fu Wai demonstrations. Parade the streets were blocked, the public indignation, and the scene considerable momentum.

Prison union representatives to participate in the march of Stewart, told this reporter that the cuts planned for him and his colleagues will be an impact, layoffs are inevitable, the civil service pay has recently become a "attack" target, "I have to first consider maintain a basic living, I do not see interest rates on mortgage loans have a special policy introduced to help, even though many of my predicament for the bank money is take it, but I did not get any benefit. "

This is known as the largest since World War II, public spending cuts, from the defense, police, courts and local government, social welfare and other aspects have been hit with the Queen next year's budget was cut 14%. The public sector in the next 4 years will be 49 million unemployed; government also plans to retirement age by 2020 citizens from the current 65-year-old men, all women aged 60 to 66 years after implementation; social welfare budget to reduce spending seven billion pounds per year ; defense budget by 8%; 24% of foreign expenditures budget cuts; the police department should reduce costs of 4% per year.

In addition, a permanent surcharge levied to the bank's plan also includes the assessment in the report, the details will be announced later. People worry about the taxes imposed on banks, it could "scare off" some established European headquarters in London, the big banks, so shake the London International Financial center.

However, in the midst of opposition protests, business and the business community on the Government determined to reduce the deficit, the economic re-balancing act for quite support. Including British Telecom BT 35 enterprises, including welcomed the introduction of strict reduction plans, they believe will help to reduce the deficit borrowing, low interest rates and lower corporate taxes is more conducive to investment and development, and public spending cuts, but also to more the private sector to create more employment opportunities, leaving a wider space for development.

Clearly, a more efficient government Osborne, discretionary spending is more reasonable, fairer, and promote the principle of growth in the reduction plan, the original intention was good, but really that difficult to judge how many are still operational. "Financial Times" commented chief commentator Martin Wolf said: "The Finance Minister and the Ministry of Finance can be very self-confident but also very convincingly that there are a lot of organizations to support their actions, as a write-year Economic Review 23 , I know that things always do. Nevertheless, in retrospect, about half the time the government is wrong. economy is art, not science. "

It is reported this weekend across the UK will have a more large-scale demonstrations, some even said that trade unions can not rule out the possibility of a nationwide strike.

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