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UK: Spending cuts ‘dangerous’ to recovery and jobs
The prestigious financial newspaper the Financial Times has published two letters supporting the chancellor’s decision to delay government spending cuts until 2011. One was signed by two Nobel laureates – Robert Solow and Joseph Stiglitz and the other one was organized by Lord Layard, emeritus professor of economics at the London Scool of Economics
The fundamental reason given for backing the Chancellor was that despite the UK economy having come out of recession, unemployment is still high and according to them, the government needs to maintain its contribution to stimulating demand.
The letters were in response to one signed by 20 economists and business leaders who supported the opposition Conservative party’s call for government spending cuts this year.