March 18, 2010
It will be brutal
The British enjoy a budget deficit worse than Greece.
The accountants at PricewaterhouseCoopers have calculated that starting next year, Britain would have to make across-the-board budget cuts of 5 percent a year to come close to cutting the deficit in half by 2014. But because the Brown government has already declared the budgets for health, law enforcement and schools to be off-limits, cuts of up to 10 percent -- per year -- are to be expected in most areas, according to PricewaterhouseCoopers. And things could even turn out to be much worse if there is no strong economic upturn during this period.
Posted by Ghost of a flea at March 18, 2010 08:04 AM