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Fears that Chancellor's cuts could foster massive rise in unemployment

Publié par Clifford Armion le 21/06/2010

Sean O'Grady

"The toughest Budget since the Second World War will be delivered by the Chancellor, George Osborne, tomorrow as he prepares to slash public spending in some departments by up to 30 per cent, strip away middle-class perks and deliver one of the biggest tax hikes in history.

"Fresh economic forecasts from the new independent Office for Budget Responsibility, which will take into account Mr Osborne's squeeze on the economy, are likely to signal lower growth and a substantial jump in unemployment over the next few years - closer to 10 per cent or 3 million jobless than the current 2.5 million - figures that recall the dark days of the 1970s.

"Mr Osborne is expected to outline a further £27bn in cuts, compared with the plans laid down by the last Chancellor, Alistair Darling, in March, as well as around £15bn in tax rises, bringing the total squeeze on the economy to £75bn a year by 2015. This represents a real-terms cut of a fifth in public spending, and, if job losses were proportionate to those cuts, then there would be one million fewer public sector jobs in five years' time. Some say that Mr Osborne may go further, perhaps to £85bn. The National Institute of Economic and Social Research has said that the £6bn in cuts this year alone will see 30,000 to 60,000 posts disappear."

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Pour citer cette ressource :

"Fears that Chancellor's cuts could foster massive rise in unemployment", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), juin 2010. Consulté le 29/11/2023. URL: https://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/fears-that-chancellor-s-cuts-could-foster-massive-rise-in-unemployment