Menu
06/01/2014
£25bn More Cuts Needed - Osborne
Chancellor George Osborne has said a further £25bn in spending cuts will need to be implemented after the next election.
This will include £12bn from the welfare budget.
The Chancellor made the announcement as he gave his keynote speech on the economy on Monday. In his speech, he outlined the economic choices facing Britain this year, as well as five points of the government's long-term economic plan to build a strong economy.
Speaking at component manufacturer Sertec Group's new Head Office in Coleshill, Birmingham, which also announced it is to employ an additional 400 people over the next four years, Chancellor Osborne said: "For the first time in a long time, there’s a real sense that Britain is on the rise."
However, he also issued a warning against complacency.
He continued: "That's why 2014 is the year of hard truths. The year when Britain faces a choice. Do we say: the worst is over; back we go to our bad habits of borrowing and spending and living beyond our means – and let the next generation pay the bill?
"Or do we say to ourselves: yes, because of our plan, things are getting better. But there is still a long way to go – and there are big, underlying problems we have to fix in our economy. More repairs. More cuts. More difficult decisions.
"That's the choice in 2014: to go on working through a plan that is delivering for Britain, putting us back in control of our destiny with the security and peace of mind that brings; or squander what we've achieved and go back to economic ruin."
With regards to the five components of the government's long-term economic plan, these include:
(JP)
This will include £12bn from the welfare budget.
The Chancellor made the announcement as he gave his keynote speech on the economy on Monday. In his speech, he outlined the economic choices facing Britain this year, as well as five points of the government's long-term economic plan to build a strong economy.
Speaking at component manufacturer Sertec Group's new Head Office in Coleshill, Birmingham, which also announced it is to employ an additional 400 people over the next four years, Chancellor Osborne said: "For the first time in a long time, there’s a real sense that Britain is on the rise."
However, he also issued a warning against complacency.
He continued: "That's why 2014 is the year of hard truths. The year when Britain faces a choice. Do we say: the worst is over; back we go to our bad habits of borrowing and spending and living beyond our means – and let the next generation pay the bill?
"Or do we say to ourselves: yes, because of our plan, things are getting better. But there is still a long way to go – and there are big, underlying problems we have to fix in our economy. More repairs. More cuts. More difficult decisions.
"That's the choice in 2014: to go on working through a plan that is delivering for Britain, putting us back in control of our destiny with the security and peace of mind that brings; or squander what we've achieved and go back to economic ruin."
With regards to the five components of the government's long-term economic plan, these include:
- Cutting the deficit
- Reducing taxes for hardworking people
- Creating more jobs by backing business
- Capping immigration and welfare
- Delivering the best schools and skills.
(JP)
Related UK National News Stories
Click here for the latest headlines.
17 February 2011
Green Economy Council Rise To The Low Carbon Challenge
The Green Economy Council has held its first meeting to discuss how government and industry can work together to support the transition to a green, low carbon economy and minimise the costs for business while maximising the opportunities.
Green Economy Council Rise To The Low Carbon Challenge
The Green Economy Council has held its first meeting to discuss how government and industry can work together to support the transition to a green, low carbon economy and minimise the costs for business while maximising the opportunities.
05 September 2008
PM Rules Out Fuel Payments
The Prime Minister's decision to rule out cash handouts to households struggling with rising fuel bills has been strongly criticised by trade unionists. Gordon Brown was expected to announce that each household would receive up to £100 to help with energy costs after speaking with power companies.
PM Rules Out Fuel Payments
The Prime Minister's decision to rule out cash handouts to households struggling with rising fuel bills has been strongly criticised by trade unionists. Gordon Brown was expected to announce that each household would receive up to £100 to help with energy costs after speaking with power companies.
09 June 2003
Time still not right for euro entry says Brown
It was the poorest kept secret in politics – but now it has become a matter of record that the time is yet not right for Britain to join the single currency.
Time still not right for euro entry says Brown
It was the poorest kept secret in politics – but now it has become a matter of record that the time is yet not right for Britain to join the single currency.
15 November 2011
Inflation At 5% But Expected To Drop 'Sharply'
This month's official inflation figures are still more than double the 'target rate' of 2%, although it is expected to drop "sharply", according to the Bank of England. The Consumer Prices Index (CPI) in the UK fell slightly to 5% during October, down from a rate of 5.2% the month before.
Inflation At 5% But Expected To Drop 'Sharply'
This month's official inflation figures are still more than double the 'target rate' of 2%, although it is expected to drop "sharply", according to the Bank of England. The Consumer Prices Index (CPI) in the UK fell slightly to 5% during October, down from a rate of 5.2% the month before.
07 November 2012
Cancer Costs The Economy £15.8bn A Year
The annual cost of all cancers to the UK economy is £15.8bn, an Oxford University study has found. The cost of lung cancer at £2.4bn each year is far higher than that for any other cancer. This highlights the continuing need to tackle smoking, which causes more than eight in 10 lung cancers in the UK.
Cancer Costs The Economy £15.8bn A Year
The annual cost of all cancers to the UK economy is £15.8bn, an Oxford University study has found. The cost of lung cancer at £2.4bn each year is far higher than that for any other cancer. This highlights the continuing need to tackle smoking, which causes more than eight in 10 lung cancers in the UK.
-
Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
