UK budget cuts not seen to hit growth
Source: Agencies |
July 7, 2010, Wednesday
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Print Edition
Print Edition
THE European Union says Britain's ambitious plans to slash public spending are on target to tackle the country's mounting debt without hurting growth.
Britain was previously criticized by other EU nations for not doing enough to rein in its deficit - the yearly gap between spending and revenue. At nearly 11 percent of gross domestic product, Britain is set to have one of the highest deficits in the 27-nation bloc this year.
The European Commission says Britain's new budget cuts are in line with "a decisive fiscal consolidation while not suffocating the nascent economic recovery."
All EU governments have agreed to start cutting their gaps below 3 percent of GDP by a certain deadline. Britain has set the longest deadline of all - until fiscal year 2014/15 - when it says the deficit could fall to 2.3 percent.
In an emergency budget last month, Prime Minister David Cameron's coalition government vowed to cut the deficit by 1.5 percent this fiscal year. Three-quarters of that will come from spending cuts - including a 25 percent cut for most government departments over the next four years.
The EU said the measures will boost confidence in Britain's commitment to putting its public finances back on a sustainable path.
Britain was previously criticized by other EU nations for not doing enough to rein in its deficit - the yearly gap between spending and revenue. At nearly 11 percent of gross domestic product, Britain is set to have one of the highest deficits in the 27-nation bloc this year.
The European Commission says Britain's new budget cuts are in line with "a decisive fiscal consolidation while not suffocating the nascent economic recovery."
All EU governments have agreed to start cutting their gaps below 3 percent of GDP by a certain deadline. Britain has set the longest deadline of all - until fiscal year 2014/15 - when it says the deficit could fall to 2.3 percent.
In an emergency budget last month, Prime Minister David Cameron's coalition government vowed to cut the deficit by 1.5 percent this fiscal year. Three-quarters of that will come from spending cuts - including a 25 percent cut for most government departments over the next four years.
The EU said the measures will boost confidence in Britain's commitment to putting its public finances back on a sustainable path.
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