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Alistair Darling refuses to cut government budget

Leaked documents today reveal that Alistair Darling, while under growing pressure to cut the UK budget deficit, is likely to actually invest more money into the UK economy with rumours that a new "green bank" will be created to assist businesses and investment in public sector projects. Details of the new bank are fairly sketchy at the moment although there is concern that the UK government may well create a conflict of interests, pitting the new bank against commercial banks in the UK.

There have also been warnings that Alistair Darling needs to find around £10 billion to cover a budget shortfall but so far the government has refused to consider such a move. We will see an increase in national insurance, the price of a pint of beer, the price a bottle of wine and there is the spectre of a banking tax in due course. Even though many economists are very concerned about the short to medium term outlook for the UK budget deficit the government has so far played the situation very close to its chest and refused to give out too much information.

In many ways the government cannot win with this big budget because overspending will attract cries of political manoeuvring and under spending would upset some voters who expect assistance in the short to medium term from the UK government.

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