So two weeks in, Osborne is able to keep his pledge on making £6,000,000,000 of cuts this year. Well what he has announced proves that he is actually making £5,700,000,000, as he is “redirecting” £500 million, which means he is £300 million pounds short of his pledge.
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Osborne and Laws sharpen their axes: the Con-Dem Nation Economy
So two weeks in, Osborne is able to keep his pledge on making £6,000,000,000 of cuts this year. Well what he has announced proves that he is actually making £5,700,000,000, as he is “redirecting” £500 million, which means he is £300 million pounds short of his pledge.
Whilst the city and business leaders have applauded the “fair but painful” cuts, they note that it will not affect most of the city. Yes some small business will feel the pain particular government contractors and businesses in the IT sector but the Markets and Richard Lambert, head of the Confederation of British Industry could barely contain his joy as taxes will not be raised on the rich, which was the real fear.
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