|
City News Desk
George Soros the billionaire investor who famously made a $1 billion by selling the pound in 1992 has warned that the current deficit reduction plans by the coalition Government risks "pushing the UK economy into recession". Speaking at the World Economic Forum in Davos Soros said:
“They will probably have the sense that they will have to modify it when the effects are felt,” The plan cannot “possibly be implemented without pushing the economy into a recession.”
The most recent GDP figures published by the UK Treasury showed that the economy unexpectedly shrank 0.5 percent in the final three months of 2010, blaming the snow for the sudden dip in spending on the high street. The dour economic figures coming ahead of the deep budget cuts planned by the coalition Government suggests according to Bloomberg’s "the recovery faded even before Prime Minister David Cameron’s government implements the largest fiscal squeeze since World War II". Soros in Davos said "the plan to tackle the record deficit is unsustainable.”
|
