The United Kingdom Economic Stimulus
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About UK economic stimulus
A UK economic stimulus package has been proposed on 24th of November 2008. It has been characterized as bold and its primary purpose is to counter effects of global recession of 2008.
About UK economic stimulus
A UK economic stimulus package has been proposed on 24th of November 2008. It has been characterized as bold and its primary purpose is to counter effects of global recession of 2008.
It is basically a pre budget report that has been initiated by Alistair Darling, Finance Minister of United Kingdom. It has outlined certain plans for betterment of United Kingdom economy and suggests cutting down taxes as well as increase of expenditures. It is supposed to provide an outline to United Kingdom economy before annual budget for 2009-10 fiscal is brought out.
It is assumed that taxes worth 15 to 30 billion pounds could be deducted by United Kingdom government. Economic exponents in United Kingdom have expressed that these measures are being taken as responses to demands being made by present financial situation.
Inevitability of economic stimulus UK
United Kingdom economy has been going through a tough phase. Economic slowdown has been sharp and rate of losses of job is going up with every passing day. Due to these factors, consumers in United Kingdom are extremely unhappy and situation of public finances is not exactly healthy. All these conditions have compelled United Kingdom authorities to come up with an economic stimulus package.
Ministerial opinion on UK economic stimulus
Gordon Brown, United Kingdom Premier, has argued that innovative approaches need to be taken so that ongoing global financial crisis could be tackled in a better way. He opines that doing nothing is not an option and adds that decisive steps have to be taken to stem this rot. He says, that since this economic problem is a new one, it calls for inventiveness to tackle it. He is especially focusing on getting through this period suffering minimum possible damages to United Kingdom economy over a longer period in time.
Gordon Brown has adopted a hands on approach in this regard and intends to spend funds necessary to overcome this challenge. He has even rescued banking sector of United Kingdom with a 37 billion bailout package. He has expressed his opinions at G-20 summit held at Washington in financial year 2008 and called for spending of money to meet this challenge. His proposals have found followers in rest of Europe as well as in United States of America.
