The Age of Austerity - Part 1

21 Oct 2010

UK announces record cuts of GBP 18.5 bn per year, France riots in the streets over pension age rise and the rest of Europe reels under similar measures. Unfairness or stark reality? The harsh fact is we've all been living and spending way beyond our means - governments, corporations, households, you and me......

How do we address this, however, is another matter. As a former and resurrected studyer of economics I have my firm views but far better brains than me are working on this right now. The UK measures? A big risk but cautious approval but far more could have been gleaned from the banks who got us into this mess. And, in order to have any chance of the private sector creating the jobs that are being lost in the public sector, the critical stagnation of lending of banks to small and medium emterprises has to be addressed urgently.

And.......asking Britons to cut back on everything in their lives whilst we incease our overseas aid budget to GBP 9 bn odd and continue to provide vast resources - and jobs - on EU and non-EU immigrants at levels way beyond what our country can absorb is, respectfully, difficult to justify.... 

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