Nick Wood, blogging for The Daily Mail’s Right Minds section, highlights the recent Centre for Policy Studies publication ‘How to Cut Government Spending: Lessons from Canada‘.
To read the full article at the Mail Online, click here.
“Mention of Canada is timely because the Centre for Policy Studies, the free market think-tank set up by Margaret Thatcher and Sir Keith Joseph, has just published a pamphlet showing how Canada dug itself out of a huge financial hole in the 1990s when it was widely seen as a financial basket case.
CPS Director Tim Knox says in his pamphlet that the centre-Left Canadian government went far further than our Coalition in cutting spending.
Canadian state spending was slashed by a staggering 10 per cent over two years as whole programmes were axed. In cash terms, our Coalition will still be spending more (up 1.6 per cent) at the end of its projected austerity programme.
Canada cut its debt mountain from 68 per cent in the mid 90s to 29 per cent by 2009. Even with the Coalition cuts, UK debt is projected to grow from 60 per cent of GDP now to 76 per cent of GDP in five years time. Even then, the UK will still be running a deficit of £24 billion a year.”
Date Added: Tuesday 17th January 2012