IMF LoanSharks Smell Blood: Britain has run out of money, chancellor warns

BRITISH Chancellor George Osborne has delivered a stark pre-budget assessment of the nation's finances, saying the country is "out of money."
Osborne admitted his Coalition government could do little to stimulate the economy and told The (London) Daily Telegraph, "The British Government has run out of money because all the money was spent in the good years. The money and the investment and the jobs need to come from the private sector."

The blunt message echoes a note left for the Tory-led government after it took power from Labour in 2010. The outgoing treasury secretary told his successor, "Dear Chief Secretary, I'm afraid to tell you there's no money left."

Osborne has been urged from both inside and outside his government -- by The Institute of Fiscal Studies and by deputy leader Nick Clegg -- to consider emergency tax cuts to kick-start the economy, but he said the simple truth was that cuts would require money to be borrowed, which he was not prepared to do.

"Any tax cut will have to be paid for," he told Sky News. "What we are not going to do in this budget is borrow more money to either increase spending or cut taxes."

He said some easing had come in the form of fuel prices, saying, "I have taken action already this year to avoid increases in fuel duty which were planned by the last Labour government."

Meanwhile, he said Britain and other leading economies were not ready to fund another eurozone bailout, as finance ministers met in Mexico City for the G-20 summit.

"We are prepared to consider IMF [International Monetary Fund] resources but only once we see the color of the eurozone money, and we have not seen the color of the eurozone money," Mr Osborne said.

http://www.news.com.au/business/britain-has-run-out-of-money-chancellor-warns/story-e6frfm1i-1226282895066?from=public_rss

IMF LoanSharks Smell Blood: Britain has run out of money, chancellor warns

IMF LoanSharks Smell Blood: Britain has run out of money, chancellor warns

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