UK budget deficit less than expected for 2009/10
It has been revealed that the UK budget deficit was down by around £11 billion on earlier estimates for the tax year 2009/10. Official data from the UK government shows that the budget deficit for the last financial year was £156.1 billion which is well down on the £167 billion which Alistair Darling had already pencilled in. So has the UK budget deficit turned a corner?
While the headlines may make interesting reading for the UK government, when you consider that the public sector deficit was £18 billion in March and £10 billion in April we are nowhere near the point at which we can breathe easy. There are massive cuts to be made across the UK public sector and these are very difficult and very controversial decisions which David Cameron needs to make in the short to medium term. While progress has been made this progress has been slow and painful and is only literally the tip of the iceberg.
The next few weeks will see the coalition government's plan of attack for the future as well as significant spending cuts in the short, medium and longer term. All eyes are on David Cameron and George Osborne next week!
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