Pre-Budget Report 2009 - "A pre election view of the world".
"Chancellor's weapon of choice is butter knife rather than an axe” says KPMG
Wednesday, 9 December 2009
Alan Downey, head of public sector at KPMG, comments on the Chancellor's plans to cut public spending:
"We have been waiting for an announcement on where the axe will fall but it is clear that at this stage in the electoral cycle the Chancellor's weapon of choice is a butter knife rather than an axe. Those who were expecting a plan for reducing public expenditure will be disappointed. On the contrary, the Chancellor announced a significant number of new spending commitments plus a guarantee to increase spending in real terms on health and education and to maintain spending on the police. This is a clearly a pre-election view of the world which will need to be revisited immediately after the election.”
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About KPMG: KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with 11,500 partners and staff. The UK firm recorded a turnover of €2.2 billion in the year ended September 2008. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 148 countries and have more than 113,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. KPMG International provides no client services.