Beef Supreme (harlequinlocke) wrote in balanceofpower,
Beef Supreme

budget balance of power?

I thought we might mix it up and bring another global institution into discussion here.

IMF tells Scotland PM to cut �5bn in budget

The International Monetary Fund last night told Gordon Brown to cut public spending by �5bn in next year's budget after expressing alarm about the growing deficit in Britain's public finances.

...{Scottish}Treasury sources said the IMF had an "ideological opposition" to public spending. It was the wrong time to be contemplating the cuts the report called for.

Hey since when has Scotland been a third world nation :D ? I say third-world because I'm not sure the IMF would 'tell' US or Germany what to do with their deficits, unless it was tongue-in-cheek.

The article mentions that the deficit approach has been working for Scotland in cushioning themselves from current downturns. I have to agree with the cynical Scot Treasury reaction...isn't 'cut public spending' the IMF's cookie cutter solution to everything?
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