Editorial | Little to cheer in budget | There are no easy solutions to turn this weighty struggling ship around, but what is certain is that consumers will have to tighten their belts even further
If anything, the status quo of fiscal consolidation and reining in spending prevails. The robbing of Peter to pay Paul principle still applies as the country’s finances are juggled to address the rising debt and social spending.As the global commodity price spike begins to soften, the benefits of this low-hanging fruit will dissipate.While the mantra of structural reform and job creation is trotted out yet again, there is little to substantively reflect this in policy.
The conservative tone of the mini budget speech may be music to the ears of the ratings agencies, but for those in financial distress it means nothing. The long-term benefits of this fiscal conservatism may well be eroded by the ever-tightening domestic noose.
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