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Meg Munn MP - Sheffield Heeley's voice in Parliament | Welcome
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Comprehensive Spending Review

Wednesday, October 27, 2010

The following comment was commissioned by the Methodist Recorder.

 

The Spending Review was every bit as bad as we had been led to believe it would be. The implications of the cuts for each government department and local authority will take some time to become clear, but what is certain is that the poor will suffer the most.

 

The well respected Institute of Fiscal Studies took just 24 hours to argue that the Spending Review is "more regressive than progressive", going on to state that poorer families with children will be the "biggest losers". Their report says that the poorest 10% of the population will, on average, lose about 5.5% of their net income compared with roughly 4.5% for the top 10%.

 

The Director of the Institute went on to say that government knew what the results of their Spending Review would be, that the Treasury’s analysis showed that the cuts to public services will impact on “those in the bottom half of the income distribution more than the top”. A damning indictment of the government’s claim that “we are all in it together”.

 

Dealing with the results of the global banking crises required a level-headed and balanced approach. The government failed this test. By cutting too quickly and too deeply I am concerned the whole economy is put at risk, and we face the danger of slipping back into recession.

 


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