Cameron blamed for UK’s rising debts
As Britain is preparing for May general elections, criticisms are growing over the handling of the country’s economy by the government of Prime Minister David Cameron.
A common theme of criticisms appears to be the failure by the government to reduce the national debt – what economists say is already threatening the British economy.
Simon Dixon, the CEO of the Bank to the Future.com, told Press TV on Thursday that Britain needs to reduce its expenditure in order to decrease the country’s debt level. However, he said Cameron’s government has failed on this front.
“We haven’t really seen much austerity measure; the one that I think is needed to reduce the national debt,” he said.
“What we have seen … is that they [the politicians] are willing to increase national debt, increase bank bailouts when needed, increase expenditure without any kind of considerations for the national debt level”.
The Institute for Fiscal Studies (IFS) said in its annual Green Budget on Wednesday that the austerity drive is yet to come in the UK.
The research institute said spending cuts of £51.4 billion, or 14.1 percent, are needed in the next parliament so that the country can meet plans announced by Chancellor George Osborne at Autumn Statement in December 2014.
Dixon said that the increasing level of debts is posing a serious threat to Britain. This, he warned, could lead to an economic instability specifically when markets refuse to accept any more debts.
JAS/AA
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