Britain Out of Money

Well in the eve of Greece, Ireland, Porutgal, Spain, and Italy. The British government has officially announced it has run out of money before their projected recession.

He left David Laws, his successor, a one-line note saying: “Dear Chief Secretary, I’m afraid to tell you there’s no money left”. 

The Institute of Fiscal Studies has urged him to consider emergency tax cuts in the Budget to reduce the risk of a prolonged economic slump. 

“Any tax cut would have to be paid for,” Mr Osborne told Sky News. “In other words there would have to be a tax rise somewhere else or a spending reduction.“In other words what we are not going to do in this Budget is borrow more money to either increase spending or cut taxes.”

I assume Mr. Osbourne has the memory of Greece's dependence on foreign creditors in his head in this statement. The statements from members of parliament and Mr. Osbourne show sharp contrasts on how to handle the matter. Personally, I do not blame UK with the exorbitant amount of debt being accumulated in the eurozone. One thing is clear:  

The Chancellor made it clear he was resisting pressure to hand over up to another £17.5billion in taxpayers’ money to help bail out struggling European Union countries.

The speculators in Wallstreet, and the privatized health industry in America have been driving up costs for many socialized programs Eurozone supports. These costs have been placing greater pressure on socialism in Europe, and the constant investment and loans from external creditors have created a debt based socialist system. These external creditors have been pressuring countries like France, Spain, and Greece to impose austerity measures to stimulate economic growth; however, austerity measures have only ever exhibited opposite reactions to this claim. I am jumping to the worst possible scenario, so do not take this seriously. It's possible we will see spiraling decay of socialism in Europe forced from external creditors and the IMF. Eventually, we could start observing privatization in Europe for the sake of controlling debt and stimulating economic growth. This scenario would be an excellent opportunity for globalization front companies since Europe is an untapped market.

Source:

Britain has run out of money, Chancellor warns