latest uk deficit news

latest uk deficit news

latest uk deficit news

A new austerity drive is sweeping across Europe, as governments struggle to trim huge budget deficits and the 16-nation eurozone races to reassure sceptical markets.

So far the biggest protests have been seen in Greece, but major strikes are making headlines elsewhere too.

This is the latest news as to the measures that the new government is taking.

The new UK coalition government has announced 6.2bn (7.2bn euros) of savings in 2010-2011, making it clear that this is just the first step in an austerity drive aimed at cutting the huge deficit of 156bn, which is above 11% of GDP.

The biggest of all the departmental cuts will be at the Department of Business, Innovation and Skills, totalling 836m.

David Cameron's government hopes to make big savings by delaying or stopping government contracts and projects, by cutting consultancy and travel costs and by slimming down public sector agencies known as quangos.

The Irish government has presented three austerity packages in just over a year.

In December the budget for 2010 slashed government spending by 4bn euros, cut all public servants' pay by at least 5% and reduced social welfare.

The measures include cuts of 760m euros in social welfare and 960m euros in investment projects.

Child benefit is being cut by 16 euros per month, bringing the lower rate to 150 euros per month and the higher rate to 187 euros per month.

A carbon tax has been brought in, set at 15 euros per tonne of CO2.

The Irish deficit currently stands at 12% of GDP. The government aims to cut it in stages, to reach 2.9% in 2014.

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