UK unveils budget
The UK has unveiled a new budget plan to cut Britain’s $1.3 trillion debt. It has been referred to as the “unavoidable budget”. The plan calls for less spending and more taxes.
One of the changes is in the value-added tax or VAT. The new plan calls for an increase from 17.5% to 20%. The increase should generate 13 billion pounds.
Among the cuts is a Treasury Department unit that was preparing Britain for the euro. Chancellor George Osborne says that Britain will not be joining the euro in the next five years of the parliament term.
The budget is the first for the new Conservative-Liberal Democrat coalition government that was elected last month.
Opponents say that the plan is unfair and detrimental, penalizing the poor.