Cabinet minister John Healey has insisted that the government will reduce the ballooning welfare bill, admitting openly that the current system is failing. Speaking on media appearances, Healey pledged that structural changes will begin next year to bring costs down for the long term, despite previous confusion over specific timeframes. The assurances follow recent fiscal announcements that left many economists and market analysts unimpressed. Critics, including former Bank of England chief economist Andy Haldane, described the recent measures as lacking the radical ambition needed to tackle the UK's deep public finance challenges. With national debt hovering around 95 percent of GDP and official forecasters warning of sluggish growth, rising joblessness, and inflation, the government faces difficult choices. Independent watchdogs project that billions more in revenue or spending adjustments will be necessary in the coming years to protect public services from real-terms cuts. Fuente: City AM
Ver más en News Today