UK Government Promises more Spending Savings

Trying to slash Britain’s ballooning budget deficit, Prime Minister Gordon Brown has revealed plans for an additional three billion pounds (3.3 billion euros) in public spending savings.
A tax on bonuses is possible to be established in the financial sector which would raise more revenue and go some way to addressing public anger over bonuses. With an election due early next year, the Labour government has to do something to placate British voters on that hot-button issue. The British prime minister also said that technological advances should be able to deliver efficiencies in such areas as the health service. With the jobless rate rising fast in the UK fewer people are paying taxes and government revenue is falling; the budget deficit is due to reach over 12 percent of GDP this year. Brown also talked about improve energy efficiency saving more than 330 million euros over the next four years. The British government is looking to save a total of 13.25 billion euros by 2014.

Finance