We had to act fast to reduce the deficit because of the crisis in the Eurozone.
“The crisis in the eurozone shows that unless we deal with our debts there will be no growth.”
(Source – Osborne Budget Speech, 22 June 2010)
“The UK has the lowest debt-to-GDP ratio of any major EU economy. The average maturity of British government debt, at 14 years, is more than double that of any eurozone economy. And the cost of British government borrowing has been falling all this year. Indeed, sterling has become a safe haven for funds fleeing the uncertainties of the leaderless eurozone.”
(Source: Lord Eatwell, Professor of Financial Policy at Cambridge University, writing in The Guardian 9 August 2010)
From Howard Dawber