George Osborne Going Jittery Regarding British Economic Situation
The Chancellor George Osborne has raised concerns over continuously changing economic environment all over the United Kingdom and warned that these conditions are likely to cast a severe impact, in case the eurozone "goes belly up".
Further, George Osborne hailed European authorities for immediately taking a decisive action while defending the hard decisions executed by the UK government, especially regarding the public sector pay, the state retirement age as well as working tax credits.
"I have to say that if there's a hurricane brewing, you don't rip out the foundations of your house. We have done that and that's why the chancellor is in such a difficult position”, notified Shadow Chancellor Ed Balls. In addition, he has also warned that in coming 18 months, the significant reduction in spending would cast a severe impact on the economic resilience of the country.
In addition, Mr. Balls claimed that during the last year, Britain played a poor game as compared to America and even other European countries. In addition, he also notified that the oil price shock, alone, has no potential to explain the actual reasons for bad performance.
On the other hand, the Political Editor of the BBC, Nick Robinson anticipated that critical situations arising in the economic downturn as well as needs for huge savings can play a significant role to stimulate a number of politicians to follow more fundamental procedure regarding the state role as well as the patterns of wealth distribution.
Previously, Mr. Osborne announced that the public sector pay rise can play a role to limit around 1%, probably for two years, whereas the increased state retirement would be highlighted in eight years to 2026.
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