The plan announced was for # 25bn
of spending cutbacks over the period 2015 - 17 to deal with the UK's continuing deficit.
Meanwhile, WPP isn't expecting any revenue growth this year amid pressures on the industry, including
spending cutbacks by consumer goods giants and competition from consultancies.
The table below compares the outcomes of eight selected episodes of UK
spending cutbacks over a 90 - year period, including the current coalition government's spending record based on reported figures up to 2013.
The company has suffered in the last year due to
spending cutbacks from schools that served as its primary revenue stream.
Until such a switch to a sinking currency occurred, Greece was to follow Baltic and Irish policy of «internal devaluation,» that is, wage deflation and
government spending cutbacks (except for payments to the financial sector) to lower employment and hence wage levels.
At the beginning of this year the Chancellor, George Osborne, announced a proposal to
impose spending cutbacks during the next Parliament.
After years of
spending cutbacks in Europe and a heavy reliance on the United States through the NATO alliance... «The EU already has plenty of forums for...
Nor would it be by any means unprecedented in the depth
of spending cutbacks it entailed (an overall 7 percentage point fall in spending relative to GDP between 2011 and 2017, assuming all plans are implemented, but an annual average of only 1).
It is that «U.S. policymakers will prevent the drastic automatic tax increases and
spending cutbacks (the fiscal cliff) implied by existing budget law, raise the federal debt ceiling in a timely manner, and make good progress toward a comprehensive plan to restore fiscal sustainability.»
The spending cutback causes businesses to fail and workers to lose their jobs.
That law set strict limits on the deficit, with half of
any spending cutbacks coming from defense and the other half from everything else, excluding interest on the national debt and Social Security.