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Is the UK budget in serious trouble?

News that the government is looking to charge excessive interest rates on crisis loans through the country has prompted many observers to consider whether the UK governmental budget is in serious danger. This is the first of many expected cost-cutting exercises which the government will be forced to enact due to the excessive national debt caused by a vast number of rescue packages over the last few months.

There is serious concern that UK taxpayers are paying more and more into these rescue funds with very little in the way of benefits or even increased liquidity in the money markets evident at the current time. The government has already indicated that taxpayers will be hit again in two years as whichever government is in power will need to replenish and restock the national budget for public services. There is also potential public sector pensions time-bomb ticking away in the background with more and more taxpayers money redirected to fund public sector pensions.

Slowly but surely Gordon Brown's reputation for economic prudence is being taken apart and with it the support of the traditional Labour Party is diminishing. Many believe that if we had not been in a serious downturn the swing towards the opposition parties would have been greater but many still see Gordon Brown as the "safer pair of hands".

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