Partner Article

The region braces itself for ‘new age of austerity’

THE CHANCELLOR will today unveil billions of pounds of Government spending cuts in the Comprehensive Spending Review 2010.

A new age of austerity will begin in Britain when the Coalition government unveils the new budgets - which is expected to reveal savage cuts throughout the North East and the UK.

In the 2009-10 financial year, the budget deficit hit a record £155bn, which meant government spent significantly more than it earned from taxes.

The bulk of the deficit reduction will be achieved through spending cuts rather than taxes.

Last year, the latest Public Sector Net Borrowing forecast was the largest in Britain’s peacetime history.

The March Budget forecast the UK deficit to be 11 per cent of GDP this year.

And as the entire UK holds its breath waiting for the spending review, one organisation in the North East has been doing its bit to bring businesses together for a major collaborative event to be hosted in Newcastle later today.

Speaking this morning, Paul Lawton, founder of ipconnect said: “ipnconnect is pretty much the only organisation of its type, where membership goes well beyond just networking.

“Collaboration to succeed is the name of the game and today’s event at Newcastle Race Course is a very exciting day.

“It’s the biggest ipnconnect event so far with the most exhibitors, visitors and workers involved to date.”

Privately funded and supported by the UKTI, the organisation has laid out plans to expand on a global scale, kick-starting with an event in Australia next month.

This was posted in Bdaily's Members' News section by Ruth Mitchell .