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The Government 'has run out of money' and cannot afford debt-fuelled tax cuts or extra spending, George Osborne has admitted.
In a stark warning ahead of next month’s Budget, the Chancellor said there was little the Coalition could do to stimulate the economy.
Mr Osborne made it clear that due to the parlous state of the public finances the best hope for economic growth was to encourage businesses to flourish and hire more workers.
“The British Government has run out of money because all the money was spent in the good years,” the Chancellor said. “The money and the investment and the jobs need to come from the private sector.”
Originally posted by woodwardjnr
reply to post by charles1952
We always have the money for wars or to intervene in other countries business. Funny that.
Originally posted by Flavian
reply to post by surrealist
He is basically saying do not expect cuts for things in the budget because there is no spare cash.
That is not the same as saying we are bankrupt (which running out of money would imply). It was only last week they were declaring they had spent billions less than expected so far this year, so the story isn't as bleak as painted.
Originally posted by On the level
Agreed it is sickening that people are living below the poverty line in both the US and UK but we are sending hundreds of millions in Aid to India and we are spending billions on fighting useless wars. Pull all the troops home, defend our own shores and let the middle east go up in smoke, it will anyway
Originally posted by blupblup
Don't we (UK) owe nearly a trillion pounds? And isn't the interest on that about £120m a day?
That pretty much tells me we're out of money.
I think most countries in the west are facing similar levels of debt and a similar lack of money.