Spending review 2010: So now we know!Posted on: 21 October 2010 by Gareth Hargreaves
George Osborne delivers his very own version of economic 'Shock and Awe' as cuts highlight pain for all ahead.
Great battles in the House of Commons yesterday! George Osborne made his announcement regarding the Spending Review and the Labour front bench tried to respond! God, they failed miserably! They looked like rabbits staring into the glare light of a hunter. Bang!
As expected, the cuts are dramatic and deep: they will hit all of us in one way or another. They start to dismantle a benefit system that is totally out of control! Those receiving benefits will feel it badly but the anomalies within the system make it worse for those people who really do need help. For us folks on the streets the real bite will come as the funding for local councils is cut by 26% over the next four years. This will affect local services big time and will result in many redundancies.
What I find amazing is just how tough the Tories have been with their own supporters – Mr and Mrs Middle Class. Some of the big hits are very tough on them. The average ‘middle class family’ is going to be about £10,000 a year worse off! That represents a lot of lost High Street spending!
Will it work? Well, if sterling is anything to go by, the answer is a resounding, yes! The pound rose 1.5 cents on the dollar – and that is a good result to start with!
Overall, it’s a tough package but it will sort out our problems! There is no magic bullet, though – success is dependent on everyone mucking in. The business sector now has to do their part and get out there and sell, sell, sell so that we create the jobs needed to arrest upward spiralling unemployment. People will not thank the government for the pain, but they will thank them in the long run for removing stench of waste that Labour left us with!
More power to their arm!
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