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CBI attack UK government's deficit plans

The Confederation for British Industry (CBI) has today attacked the UK government's plans to tackle the £178 billion budget deficit. While the CBI is not the first, and it will not be the last, association to attack the UK government's plans to tackle the budget deficit it does hold great sway within the business community and is to all intents and purposes a mouthpiece for UK industry.

The problem which the UK government has encountered over the last few months has been the fact we are approaching a general election and the government obviously wants to paint the best picture it can. By admitting that taxes will have to rise significantly in the short to medium term and indeed public sector investment will need to be reduced, there is the chance of alienating a large number of Labour supporters.

However, over the last few weeks we have seen a number of recognised financial institutions questioning the fact that the government has not yet put forward a credible plan to reduce the deficit and the impact this is having on the UK currency. Investors and money markets need to see a well thought out and well planned strategy for the future, although unfortunately is yet to appear!

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