Thursday, December 1, 2011

Adding to the pain

Grim tidings from the UK
Austerity in the UK is going to hurt more and last longer than the government previously admitted. That is the upshot of a revised assessment of the UK's fiscal prospects by the Office for Budget Responsibility, and of this week's autumn statement to parliament by the chancellor of the exchequer, George Osborne. The UK's woes offer a timely reminder that overenthusiastic fiscal tightening at a time of global economic weakness can make it harder for governments to balance their books—while adding to the pain suffered by businesses and households. Other European governments and even the US should take note.

Robin Bew
Chief Economist

UK economy: Gloomy present, grim future, FROM THE ECONOMIST INTELLIGENCE UNIT

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