North braced for austerity measures

With a spiralling British deficit of Greek proportions, the British general election campaign made it clear that a period of fiscal consolidation without modern parallel is inevitable.

8th May, 2010

With a spiralling British deficit of Greek proportions, the British general election campaign made it clear that a period of fiscal consolidation without modern parallel is inevitable.

Mervyn King, the Governor of the Bank of England, was reported to have said that whoever formed the next government would quickly become the most unpopular in living memory, and would subsequently be voted out of office for a generation.

Just as it will hit the poorer sections...

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