UK's new leaders to order audit of spending
Source: Agencies |
May 17, 2010, Monday
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Print Edition
Print Edition
BRITAIN'S new government will launch an independent audit of public spending next week, Prime Minister David Cameron said yesterday, as several senior cabinet members expressed concern about budget "black holes."
Tackling a record budget deficit running at more than 11 percent of gross domestic product as the country makes a so-far anemic recovery from recession is the major challenge for the government.
Cameron's center-right Conservatives joined forces with the smaller center-left Liberal Democrat party after a May 6 parliamentary election to form Britain's first coalition since 1945 and end 13 years of Labour Party rule.
Cameron, who said the government would publish a detailed coalition agreement in the next two weeks, reiterated that action to cut the deficit should focus on spending cuts rather than tax rises.
"We will have a proper independent audit by the Office of Budget Responsibility of the black hole that we face," Cameron said in an interview with BBC TV, adding the audit of spending would be launched by finance minister George Osborne today.
The Sunday Times newspaper said several ministers, had expressed concerns about the true state of the public finances.
"There are some worrying early signs that numbers left by the outgoing government may not add up," said Cabinet Office Minister Francis Maude, according to the paper.
"It certainly doesn't make the task of reducing the structural deficit any easier."
The two parties set out an initial coalition agreement on Wednesday, covering decisions in key areas such as the economy, and subjects on which they have radically different views such as immigration, defense and Britain's relations with Europe.
"We need a fuller coalition agreement covering other policy areas as well," Cameron said yesterday.
"There will be a longer form document out in the next couple of weeks."
Cameron's coalition partner, Lib Dem leader and Deputy Prime Minister Nick Clegg, faced a special conference of party members yesterday in which the agreement was to be debated. Many activists feel the party has abandoned its core values.
A lack of endorsement from the wider party would embarrass Clegg and could raise questions about the coalition's longevity.
Tackling a record budget deficit running at more than 11 percent of gross domestic product as the country makes a so-far anemic recovery from recession is the major challenge for the government.
Cameron's center-right Conservatives joined forces with the smaller center-left Liberal Democrat party after a May 6 parliamentary election to form Britain's first coalition since 1945 and end 13 years of Labour Party rule.
Cameron, who said the government would publish a detailed coalition agreement in the next two weeks, reiterated that action to cut the deficit should focus on spending cuts rather than tax rises.
"We will have a proper independent audit by the Office of Budget Responsibility of the black hole that we face," Cameron said in an interview with BBC TV, adding the audit of spending would be launched by finance minister George Osborne today.
The Sunday Times newspaper said several ministers, had expressed concerns about the true state of the public finances.
"There are some worrying early signs that numbers left by the outgoing government may not add up," said Cabinet Office Minister Francis Maude, according to the paper.
"It certainly doesn't make the task of reducing the structural deficit any easier."
The two parties set out an initial coalition agreement on Wednesday, covering decisions in key areas such as the economy, and subjects on which they have radically different views such as immigration, defense and Britain's relations with Europe.
"We need a fuller coalition agreement covering other policy areas as well," Cameron said yesterday.
"There will be a longer form document out in the next couple of weeks."
Cameron's coalition partner, Lib Dem leader and Deputy Prime Minister Nick Clegg, faced a special conference of party members yesterday in which the agreement was to be debated. Many activists feel the party has abandoned its core values.
A lack of endorsement from the wider party would embarrass Clegg and could raise questions about the coalition's longevity.
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