The Hill News

The British government announced today the deepest budget cuts in decades, which will affect the entire population from babes in arms to pensioners, amounting to 81 billion pounds over four years.

The principal measure is the number of jobs likely to be lost â€" almost half a million in the public sector, which will add to unemployment and cut the country’s tax base. But the government argued that it had no alternative because of the deficit, which stands at 10 percent of GDP â€" roughly the same level as in the U.S. Either the government is right and growth will return, or the U.K. faces the prospect of a “double-dip” recession.

Read more...