Prospects of an austere UK
When the finance minister of the UK, George Osborne, presented his budget in 2015, he was optimistic in his forecasts: positive growth and debt reduction were part of his budget plans.
Austerity was also included, but people in the UK had faith in the government, which is why they were re-elected, even though many were dissatisfied with the economic performance of an austerity government.
According to the chancellor, he secured the freedom to pursue plans for continued austerity, which meant that over the next five years, the Conservative-led government plans would cut spending by 30 billion British pounds, including 12 billion pounds in welfare cuts, in hopes of reaching a fully balanced budget by 2020.
But that fell apart in 2016 when the chancellor presented his 2016 budget. He cited reduced global growth as one reason, but he was hiding the austerity failures.
Then the bombshell hit in May, when the ICIJ revealed politicians who were evading taxes by holding money offshore: David Cameron’s father was cited in the leaks, with the prime minister himself said to have made a profit.
The British people were not going to tolerate that: they hit the streets, demanding the resignation of their prime minister.
Watch the full version of this episode here:
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