Posts Tagged ‘United Kingdom’

UK Tackles National Debt By Taking An Axe To The Budget

Wednesday, October 20th, 2010

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

Tony Blair Turns Profit Into Charity

Tuesday, August 17th, 2010

The former British Prime Minister cleans up his image by donating millions to injured soldiers.

  • Tony Blair plans to donate millions in earning from his forthcoming memoir to charity for injured troops.
  • The proceeds will go to the “Battle Back Challenge Center”, a facility that will provide sports and rehabilitation services for wounded personnel.
  • Despite Blair’s donation, he is still under scrutiny. Families of some of the hundreds of British troops killed in Iraq and Afghanistan have criticized him for earning millions from the sale of his book and public speaking since leaving office.

Facts & Figures

  • Random House paid and estimated $7.5 million for his book, “A Journey”.

Best Quote

“I am delighted to accept this very generous donation.” – Chris Simpkins, General, Royal British Legion