The Wall Street Journal, the American right wing business bible has this evening published a damning verdict on the Labour Governments 2009 Budget. The article, titled Burying Britain's Future opens with this blistering attack:
"Building Britain's Future" is the optimistic title of the U.K. government's latest budget. "Burying Britain's Future" would have been more accurate."
It goes on to claim Britain's reputation as a friendly climate for international business is now a thing of the past.
"Any advantages the U.K. might once have had as a low-tax base for international business have now been jettisoned."
The WSJ then goes on to slate the Government for failing to take hard decisions to tackle record levels of public debt"
"Faced with a similar collapse in its public finances and a potential loss of international investor confidence, the Irish government bit the bullet, introducing sharp tax rises, steep cuts to public spending and savage cuts to public sector pay. Yet the British government has chosen to blatantly disregard a clear warning from the Governor of the Bank of England that the UK could not afford any further fiscal stimulus with a further discretionary spending boost equivalent to 0.5% of GDP."
The Labour government has long prided itself by pitching itself as an economci bridge between the United States and Europe. This damning verdict on Britain's economy that is spreading across the globe will severely damage the UK's reputation worldwide.