Chilcot Report to be published today; is the future never-ending austerity?
Today, the Chilcot Report will finally be published. You may well ask what has this to do with local politics?
Well the tax revenue that goes on war can’t be spent here in the UK on schools or hospitals or a thousand and other matters that the people would like more of.
Yes, when Blair followed Bush into Iraq nobody knew at that point that the banking crisis would happen a few years later. However a sticking plaster solution was found to the banking crisis that merely delayed the economic consequences to the future.
Following the EU Referendum, there’s been another financial change. The pension funds (who are invested in shares and other forms of financial investments) will have to soon start increasing the contributions they take from the workers. This will mean their take home pay is less. This in turn will impact the economy as people will have less money to spend.
Some companies and businesses who need to be in the EU will relocate UK jobs overseas.
So what will be the effect on local services? George Osborne has already abandoned his 2020 budget surplus target.
Local services (such as local councils, police, fire, transport) however will still be cutting budgets and engaging in austerity.
Not just however to pay for an unpopular war in Iraq and a bank bailout but the economic fallout from the EU Referendum result too.
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