Tuesday, June 22, 2010

Britain's austerity budget

You can follow it live with Guido.

The Guardian reports that the FTSE falls ahead of it.

The BBC has an article on it.

You can bet on the buzzwords Osborne uses.

My opinion: painful but necessary. Necessary in the sense that the alternative is worse. The coalition will receive little thanks for it, but they are choosing between two bads. If the budget is reasonably done, they will have done the country a huge (but painful) favour. Even if it hurts, give them credit for having guts and know that things would be worse without it in the medium term.

I think that the quote below sums up the situation we find ourselves in rather well:

“There is nothing progressive about a government that consistently spends more than it can raise in taxation and certainly nothing progressive that endows generations to come with the liabilities incurred with respect to the current generation.”

1 comment:

  1. Really? http://www.rovingbandit.com/2010/05/best-graph-of-election.html