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News Tag: government spending

May 22, 2009

British household spending in biggest fall since 1980

by Kay Mitchell
Figures released today by the Office of National Statistics (ONS) revealed that spending by British households fell by 1.2% in the first three months of 2009 - the largest fall since 1980. According to the ONS, the only positive contribution to growth was Government spending. In addition to the fall in household spending, the ONS said compensation for employees (wages and ...

April 6, 2009

UK public sector debt at record levels

by Peter Charalambous
The latest figures from the Institute for Fiscal Studies (IFS) shows that the UK will need to raise an extra £39 billion a year for the next five years if the Government is going to balance the books by 2015. This would mean that if the money was to be raised solely through an increase in taxation then the average household ...

March 24, 2009

David Blanchflower predicts unemployment could reach 4 million

by Peter Charalambous
 David Blanchflower predicts unemployment could reach as much as 4 million
David Blanchflower, one of the more publicly recognised policy makers in the Bank of England, has given a warning shot to the government that unless evasive action is taken in order to tackle the recession head on, by spending in excess of £90bn on new projects, unemployment may reach unthinkable levels of 4 million. The plan ...