View more on these topics

OECD praises Osborne’s “courageous” cuts

George Osborne’s £81bn package of spending cuts to reduce the UK’s debts has been described as “courageous” by a leading international organisation.

The Organisation for Economic Co-operation and Development has welcomed Osborne’s spending review – announced on Wednesday – as a “necessary step towards achieving long-term fiscal stability”.

The praise contrasts with stinging criticisms from the Institute for Fiscal Studies, which has labelled the cuts as regressive.

OECD secretary general Angel Gurría says: “Budgetary consolidation is never easy but the timing and scope of the measures balance concerns for near-term growth with the need to stop the snowballing of debt and to preserve credibility. 

“The measures are tough, necessary and courageous. Acting decisively now is the best way to secure better public finances and bolster future growth.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. As a working man who has been forced to increase his hours every year for the last 5 years just to stay at the same position I highly praise George Osbourne for these cuts, reversing years of Labour largesse. My only regret is that the cuts weren’t deeper and sooner. Well done Chancellor!

Leave a comment