Experts slam UK govt.'s budget proposal
A group of academics have dismissed Conservative government's plan to enshrine permanent budget surpluses in law as a political gimmick that ignores basic economics.
The academics said a law aw forcing the government to cut spending or raise taxes every year to generate a budget surplus, characterized as Micawber economics, would suck the economy dry and within a few years could trigger another credit crunch.
In a letter, 77 of the best-known academic economists, including French economist Thomas Piketty and Cambridge professor Ha-Joon Chang accused Chancellor George Osborne of turning a blind eye to the complexities of a 21st-century economy.
It came in response to chancellor's Mansion House speech earlier this week during which he said the government should be forced by law to bring down the UK’s debt mountain to protect the economy against future shocks.
MH/MH
Absurdity of UK foreign policy and surging fuel prices
Yemen’s pro-Palestine operations strike heavy blow to UK retailers: Report
UK falls into recession in huge blow to PM Sunak
VIDEO | Press TV's news headlines
April 15: ‘Axis of Resistance’ operations against Israeli occupation
Yale students threaten hunger strike over university connection to Gaza war
Iran to UN: Anti-Israeli retaliation could have been wider in scope
VIDEO | Punishment promise fulfilled
Iran to respond to any fresh Israeli mistake ‘within seconds’: Deputy FM
Armed Forces warn Israel, Western supporters against crossing Iran's red lines
VIDEO | Funeral of Palestinian killed during clashes with Israeli forces in Nablus
This makes it easy to access the Press TV website
