The British government plans to cut spending by 50 billion pounds by 2015 in a bid to slash the country's ballooning budget deficit and help bolster the flat-lining economy. The welfare reforms alone will save 4.5 billion pounds by 2014-15, according to government estimates."What this government is trying to do is to put things right," Treasury chief George Osborne told grocery store workers at a speech Tuesday. "We're trying to make the system fair on people like you, who get up, go to work, and expect your taxes to be spent wisely. And we're trying to restore hope in those communities who have been let down by generations of politicians by getting them back into work."
UK Minister Asked To Make Good On Welfare Pledge
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.