Government Told They Should Change Their Economy Strategy

23 July 2012 14:30 - Phoebe Robinson

    



Government Told They Should Change Their Economy Strategy

George Osborn the UK chancellor has been told to change his economic strategies for the country. He has been told he should introduce a 2p cut in national insurance and he should borrow more and abandon his current austerity measures. This advice was given by the Institute for Public Policy Research (IPPR) and claims that government cuts are worsening in the recession by undermining confidence in business and consumers which is not helping the country’s confidence. The UK is as we know in a double-dip recession which it is struggling to get out. GPD figures that come out on Wednesday are expected to show that the recession is getting worse, showing that government measures are not having the desired effect.

The report released by the IPPR show a similar outlook on the UK economy as the IMF’s report that was released last week. The UK’s 15-year GDP growth rate was at the low level of 1.7% in 2015 which is the lowest level it has hit since the Second World War. The IPPR said that a 2p cut in national insurance would help the economy massively and would inject £14 billion into the economy, and the report said these cuts could be paid for in the future by an introduction of permanent mansion tax on homes worth over £2million. Furthermore the report said the government could take advantage of the currently low interest rates by borrowing £30 billion for investment in infrastructure at a cost of £150million a year.

 

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Related Links :
Institute for Public Policy Research - Official Site
International Monatry Fund - Offical Site

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