UK's Labour Party urges government to spend 4G money on new homes

Labour's finance spokesman Ed Balls warned there would be no “post-election spending spree” if the opposition party won the next election in 2015 and ruled out any pledges to reverse specific tax rises or spending cuts, instead promising to evaluate all spending across government departments.

Britain's Conservative-Liberal Democrat coalition government, slashing spending to reduce a record budget deficit, has faced criticism for not doing enough to drag the economy out of recession.

Wary of losing the confidence of financial markets, Finance Minister George Osborne has decided against any direct stimulus, choosing instead to offer to underwrite some private funding for infrastructure projects. Labour has argued for a slower pace of deficit reduction to give the economy room to breathe.

Balls said 3 billion pounds in expected revenue from next year's auction of the fourth generation mobile telephone spectrum should be used to kick start Britain's struggling construction industry, rather than pay off debt.

SHARE CLOSE
Blogger		Google+
Live Journal		Plurk
Stumble Upon

Tweet

	PREVIOUS ARTICLE
	Festival to Busan puts Asian film in spotlight

NEXT ARTICLE
Two former ECB chief economists criticize unlimited buying of bonds

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

 Receive China Post promos
 Respond to this email

Submit