Painful choices

A general election has been called for 6 May in Britain. Both the incumbent Labour Party under Gordon Brown and David Cameron’s Conservative Party will have to make difficult decisions, especially when it comes to renewing the economy.

Public sector pain

It’s time for a new look at how Britain functions, according to The Daily Telegraph. Cuts to public spending are inevitable, the newspaper writes.

… The extent of the economic collapse means that the next government will have to rethink in quite fundamental ways the scale and scope of the public sector. According to the latest OECD figures, for the first time since records began, state spending accounts for more than half the economy — 52 per cent of gross domestic product last year. That is not sustainable. …

Deep cuts

The Financial Times agrees that cuts cannot be avoided, but so far sees no signs of what measures the major parties intend to put in place.

… The UK’s fiscal deficit is 11.1 per cent of national output. Even Labour’s fuzzy plans to correct this imbalance imply cuts to departmental budgets of 11.9 per cent over a parliament. The Tories would cut deeper. None of the parties has had the courage to reveal the choices they would make to achieve these savings. …