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Conservatives warn of Greek style economic collapse

George Osborne is today on the attack warning the UK electorate of the need for an emergency budget after the next general election. He has again repeated his claims that the UK potentially stands on the verge of a Greek style economic collapse which last week saw the EU stepping with promises of support if required. So is the UK economy really on the verge of collapse?

The comparison between the UK economy and the Greek economy, and in particular the two governments budget deficits, do have some similarities but there is no doubt that the UK economy is far stronger. However, there is also no doubt of the need to cut the UK budget deficit and government debt as soon as possible while also trying to support the economy in the short to medium term. The emotive comparison to the Greek situations has attracted some criticism but the truth is that the UK is still in a very difficult situation and the spend, spend, spend strategy of Gordon Brown is again being questioned.

Exactly what George Osborne would do in an emergency budget remains to be seen but there is no doubt that public sector spending cuts are on the way.

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