Connect with us

Hi, what are you looking for?

Your Retire Invest

Editor's Pick

“Backtracked Budget: Sour Taste for Colleagues”

When hard-right leaders in the UK backtrack on their spending levels, it can leave a sour taste in the mouths’ of their colleagues and in the minds of many more.

In recent days, the UK’s hard-right Prime Minister, Boris Johnson, has come under fire for backtracking on his government’s previous spending pledges. Johnson and his cabinet had previously outlined a budget plan that would have seen public spending levels in the UK rise to the highest since the end of the Second World War.

However, the Conservative government now appears to have backtracked on that commitment; according to new figures released by the Office for Budget Responsibility (OBR), public spending is now projected to be up to 2 percent lower than previously forecasted in the next four years.

This shift in policy has caused barely-concealed discord between the hard-right and more moderate Conservatives, with the latter group being angered by the backtrack. Many in the moderate wing are concerned that the government is not doing enough to address Britain’s housing crisis, poverty, and lack of educational resources. It appears that the hard-right is more focussed on controlling the deficit rather than investing in the public services that would provide much-needed relief for many in the UK.

Not only is this an issue of concern for those in the UK, but it could have repercussions for the country’s international image too. With Brexit dominating internal politics, the UK risks alienating itself from the rest of the world if it continues to make decisions which prioritize fiscal conservatism over compassion.

To be clear, the UK is not the only country struggling with austerity measures and ever-tightening finances. However, the UK’s hard-right government has taken an aggressively pro-austerity stance that appears to be more focused on short-term fiscal gains than addressing long-term issues like poverty and inequality.

This backtrack on spending levels by the hard-right government is leaving a sour taste in the mouths of those expecting better from their elected leaders – a feeling only compounded by the UK’s continuing economic uncertainty as Brexit continues to dominate the political conversation. Clearly, the UK needs to find a way to balance fiscal responsibility and the social needs of her people. Until then, there will continue to be unease around how the government is handling the country’s finances.

You May Also Like

Editor's Pick

Controversy ensued recently when a vocal group within the Republican party (in the United States) began to make the argument that the Speaker position,...

Stock

In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

Top News

Intensified aerial strikes in and around the Hamas-controlled Gaza Strip have been met with retaliatory releases of Israeli hostages by the militant organization. On...

Economy

In an effort to promote stronger loyalty among customers, Delta Air Lines has recently announced changes that will make it more difficult to earn...

Disclaimer: YourRetireInvest.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 YourRetireInvest. All Rights Reserved.