- Created: Wednesday, 09 June 2010 22:02
- Written by Trevor Rayne
The Chancellor’s 24 May announcement of £6.2 billion of public spending cuts in the current financial year was a declaration of intent; far worse is to come. In FRFI 214 we reported that former Labour Chancellor Alistair Darling had promised the deepest cuts for decades. Before the General Election the Conservative Party called for immediate cuts of £6 billion; the Liberal Democrats and Labour preferred a delay, saying that they feared such a hasty move would push the economy into a double-dip recession. Now ensconced in the Cabinet, Liberal Democrat ministers have quickly acquired a taste for ‘fiscal responsibility’; Liberal Democrat Chief Secretary to the Treasury David Laws (now resigned) announced we ‘are moving from an age of plenty to an age of austerity in public finances’. Trevor Rayne reports.