‘SunWorldwide’ – Business Worldwide – Huge UK Cuts Needed…

April 21, 2010 - PRLog -- “SunWorldwide” are in agreement with the findings of the free market think-tank, the Institute for Economic Affairs (IEA), which said that the UK must aim to cut public spending by £185bn a year by 2014 if it is to avoid an explosion of public debt in the years going forward. www.iea.org.uk

The deficit reduction plans outlined in Chancellor of the Exchequer, Alistair Darling’s budget address two weeks ago extend to a figure of £57bn a year which “Sun Worldwide” says is woefully inadequate.

The IEA suggests that state benefits like Jobseeker’s Allowance must be reduced whilst spending on education needed to be culled but “SunWorldwide” analysts believe that, regardless of the victor at the May 6 election, the most likely course of action will involve additional stealth taxation like higher fuel duty, national insurance and more tax on cigarettes, alcohol and VAT. http://www.direct.gov.uk/en/index.htm

The government is thought to believe that it will be spending 10p in every pound of revenue it receives by way of taxation will be spent on servicing the national debt and “SunWorldwide” remains convinced that Britain will lose its triple A credit rating unless deeper spending cuts are announced after the election.