7 June 2010
The Chancellor, George Osborne, will announce plans to `eradicate` Britain`s budget deficit and tackle the national debt by `emulating` Canada, where borrowing was curbed in just three years following spending cuts of 20%, the Telegraph reports.
Canada, in the mid-1990s, turned a budget deficit of 9% of GDP (Gross Domestic Product - a measure of economic activity) into a surplus. This change was `guided by the principle that people should ask "what needs to be done by government and what we can afford to do"`.
And the Chancellor, along with his Liberal Democrat deputy, Danny Alexander, will go about trying to bring a similar change of mindset in Britain.
The plans - which will be welcomed by many of those who believe we need to take `swift and decisive` action to bring the budget deficit and national debt under control - will almost certainly spark criticism from others, who believe it could push Britain back into recession.
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