It’s bold, it’s risky, it’s the 2011 United Kingdom budget!

• Britain has been hit as hard as the rest of the world by the global economic crisis. Now it’s following the lead of some other European nations by tightening the tap of government spending.
• The spending plan, unveiled today by Britain’s top finance minister, represents the deepest reduction in public spending since WWII. It’s a much more serious spending reduction than any other Western nations have attempted so far.
• Groups opposed to the plan say it is too severe and will interfere with employment and stunt growth. But the budget deficit facing British lawmakers is too big to ignore.

Facts & Figures

• Britain’s deficit is 11.5% of its economy. The U.S. deficit is 10.7%, and the German deficit is 5.4%.
• The plan involves significant cuts to welfare, public sector jobs, and local government budgets. The retirement age will also be raised from 65 to 66 four years earlier than planned.
• The average reduction of each government department’s budget will be around 19%

Best Quote

“We have had to make choices, choices in the things we support. We have taken our country back from the brink of bankruptcy.” – George Osborne, Chancellor of the Exchequer

Tags: budget deficit, economic crisis, government spending, United Kingdom