This article was last updated on April 16, 2022
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U.K. Chancellor George Osborne has indicated the need for additional spending cuts of worth £12bn to the welfare budget after the general election 2015 to maintain the pace of Britain’s economic recovery.
In the first major political speech of the New Year, Mr. Osborne has spoken of 2014 being the “year of hard truths”, while insisting that the government’s plan for economic recovery are showing results but there is “no shortcut to economic security” and more time is required to return on the right course.
The chancellor has warned the British voters that only fresh austerity measures can pay for tax cuts and better job prospects.
He has claimed that Labour was “simply not being straight with people” by suggesting that there was a “magic wand” which would allow a chancellor to spend more on public services.
Mr. Osborne has said: “If 2014 is a year of hard truths for our country, then it starts with this one: Britain should never return to the levels of spending of the last government.
“We’d either have to return borrowing to the dangerous levels that threatened our stability, or we’d have to raise taxes so much we’d put our country out of business. Government is going to have to be permanently smaller – and so too is the welfare system.”
He has added: “Britain is on the rise, the economy is doing better. I just want to make sure we don’t squander what we’ve achieved and go back to square one.”
However, Labour has accused Mr. Osborne’s “failures” to deliver on the economy as the reason for more spending cuts.
Labour’s shadow chief secretary to the Treasury, Chris Leslie has said: “The reason more spending cuts are needed after 2015 is because his failure on growth and living standards since 2010 has led to his failure to balance the books.
“What we need is Labour’s plan to earn our way to higher living standards for all, tackle the cost-of-living crisis and get the deficit down in a fairer way.”
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