Cutting back and selling out?

This week, we look at press comment on cutbacks in Britain and on the potential hazards of foreign investment in key Canadian industries.

The pain to come

No matter which party wins the coming election, the British face drastic cutbacks that will change their way of life, according to The Daily Telegraph.

[The] complaint from the European Commission that the Government's deficit reduction strategy is not "sufficiently ambitious and needs to be significantly reinforced" should surprise no one. … The criticism from Brussels was … inevitable, but also fatuous, for this country is not a member of the single currency and the Commission's chiding will have no material consequences. … We are in for a grim few years for which we have not been prepared. To see where that can lead, just take a look at Greece.

Don't sell out core industries

In its latest budget, the Canadian government announced plans to permit more foreign investment in industries such as telecommunications, mining and publishing. The move is a mistake and a threat to the nation’s cultural identity, writes The Toronto Star.

… [T]he Conservative government is veering dangerously off course with its plan to undo historic safeguards on foreign investment in some of the most sensitive areas of the Canadian economy. The first hint of a radical change in direction came in the declaration that Ottawa “will open Canada’s doors further to venture capital and to foreign investment in key sectors, including the satellite and telecommunications industries … (and) Canada’s uranium mining industry.” These strategic economic activities have long been off limits to foreign controlling interests, with good reason. …