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How might government debt reduction plans affect Bury Sports Ltd - Essay Example

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Gordon Brown, prime minister of UK has said that the government would like to adjust its plan regarding the debt reduction in the budget. This signifies that a tight election is ahead of the Britons in the coming June, 2010. Regarding this issue the conservatives have argued…
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How might government debt reduction plans affect Bury Sports Ltd
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How might government debt reduction plans affect Bury Sports Ltd

Download file to see previous pages... The UK public sector budget deficits, which are recorded since 2002-03, have already reached at the level of £6.0 billion in February 2010, more than double in comparison with its previous year level. Net capital borrowing has increased almost one and half times more to £12.4 billion than its previous year level. As a percentage of GDP the net public sector debt of the UK government has touched to 60.3 per cent in February, 2010, a 10 scale higher than the level of February, 2009. At the end of February, 2010 the net debt also has increased to £857.5 billion from a level of £712.4 billion in February 2009. Net public sector borrowing has also jumped to £49.4 billion from the level of £ 32.4 billion, at the end of the third quarter of 2009-10. Excluding the financial interventions, the public sector net debt has risen to £741.6 billion by the end of February, 2010 from the level of £596.9 billion which was seen in February, 2009, exactly before one year. (Monthly: £6.0bn budget deficit, March 29, 2010; Tanweer, Thompson, n.d.).
Keeping these issues in mind the government has taken a deficit reduction strategy. This set the path to Mr. Alistair Darling, Chancellor of the Exchequer to take an aggressive decision towards the reduction of debt. The government has planned for high cuts in its public spending over the coming two years. Mr. Darling intends to reduce the general government spending excluding capital investment, interest on debt and social welfare costs by almost 1.5 per cent and 2 percent in 2011 and 2012 respectively. (Fiscal Responsibility Bill, 2009-10, pp. 1-3). With the outlook of bringing the budget back into balance within 2017 financial year, the government would like that its budget deficit as a percentage of GDP may fall to almost the half level of the present year standard. With the ...Download file to see next pagesRead More
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