Wednesday, 20 October 2010


Outlining the planned cuts, Chancellor George Osborne said "We are all in this together and all must make a contribution."

From the Government official review paper.

B.36 The following charts present the impact across the income distribution of Budget measures (including measures that were announced in the March 2010 Budget or earlier on which the Coalition Government will be introducing legislation) along with Spending Review announcements. To do this, households are ordered by their income and then divided into 10 equally sized groups called deciles. As households with more adults and children require higher levels of household income and expenditure to achieve the same standard of living, an internationally standard adjustment called equivalisation is used to ensure households are compared on an equal basis.

To explain, 1 is the higher income households and 10 is the lower income households. The figures down the left is how much each group stand to lose due to the deficit reduction programme.

We will obviously have to Tipex-out the definition of fair we currently have in our dictionaries.


David G. said...

America is displeased with the U.K. given that it is planning to reduce its spending on armaments. Hilary said so.

Britain has been part of warmongering America's objective of dominating the world using military force. It needs 'Allies' to give it a smokescreen for its blatant imperial designs. It also needs the U.K. to buy its armaments from which it makes enormous profits.

Australia has been sucked into this role as well although, fortunately, its involvement has been minor.

Let the pensioners of the U.K. starve. While they do, let them tell themselves that it's in a good cause: the imperialism of the U.S. and Israel.

God Bless America!

Cheezy said...

Hmmmm... This topic has precisely nothing to do with the United States of America. Even less Israel.

Ironically though, what it IS all about would give David plenty of scope to utilise his saloon-bar leftist platitudes, had he the knowledge to do so.

That's because there's an interesting debate going on in the UK at the moment about how best to restore the economy to health (whether it should be the chosen massive public sector cuts, a more Keynesian approach, or some mixture of the two)...

Left and right are going at it, and it's fairly entertaining to watch.

However, it's all got bugger-all to do with David's friends across the Atlantic (except maybe for reasons of comparative economics, as the Obama administration seems to be pursuing more a prime-pumping approach to their own economy, rather than our policy of retrenchment; how both economies pan out in the next few years will be interesting).