After the binge, comes the hangover; after the hangover, comes the cure. And in the U.K., it sure ain’t pretty.
On June 22, newly-installed British Prime Minister David Cameron announced what have been described as the deepest spending cuts and most sweeping welfare reform since the Second World War. Coupled with a mix of tax hikes and cuts, including a drop in the corporate tax rate, an increase of the VAT to 20% and a new levy on banks, the measures are designed to pull Britain out of the morass created by Mr. Cameron’s predecessor, the stimulus-happy Gordon Brown.
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