the Economist March 24 Edition "Earning a hearing"
The budget cuts designed to deal with the economic downturn has been causing rifts in British politics.Ed Milliband, the Labour Party Leader called the the new budget designed by George Osborne a "millionaire's budget" by "the same old Tories". The budget cut the top income tax bracket from 50% to 45% and freezed pensioner;s tax allowances (the "granny tax").
This could be the Labour Party's moment to shine. By voters, the party is already seen
as "custodian" of social justice, but they haven't had any luck yet with the economic side of things.So far, the government has been off the hook in terms of economic growth, simply because all the neighboring countries were doing poorly too. But now that America's economy is starting to look up again, the pressure is back on. The response has been, though, that because of America's size, it has the ability to load up on debt, while Britain does not, and therefor cannot pursue the costly measures taken by the American Government.
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