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Friday, 18 June 2010

ConDems Cancel £2 Billion Domestic Spending and Announce Foreign Aid Budget Increase

ConDems Cancel £2 Billion Domestic Spending and Announce Foreign Aid Budget Increase to £13 Billion

The ConDem coalition government has cut £2 billion of domestic projects which will see job creation, university skill retention projects and a hospital stopped in favour of increasing the foreign aid budget to £13 billion per year.
Chief Secretary to the Treasury Danny Alexander told MPs in parliament today that the “cuts were necessary to tackle the budget deficit” and would be done in a "fair" way.
Mr Alexander accused the previous Labour regime of spending money which it knew it did not have.
Simultaneously, foreign aid minister Andrew Mitchell issued a statement on the Department for International Development (DFID) web site which said that the “Government has made clear that the international development budget will increase to 0.7% of Gross National Income from 2013.”
According to the World Bank’s “World Development Indicators” of 16 June 16, 2010, Britain’s Gross National Income (GNI) was  $2.230,000,000,00 (Trillion) or, £1,504,942,701,833 (Trillion).
The aim of 0.7 percent of the GNI figure translates to £10,534,598,912, or just over £10.5 billion.
This figure does not include the administration costs of the DFID which in the past have usually added a further £2 billion to the department’s budget.
In other words, the ConDem regime has committed itself to spending at around £13 billion in foreign aid — at least six times more than the cuts in domestic spending announced today.
The arrogance of the ConDem regime in blaming Labour for “reckless spending sprees when there was no money left,” is therefore nothing short of breathtaking.
Currently, Britain pays £1 billion per week in interest on the deficit — money which is borrowed to pay for foreign aid, the war in Afghanistan, EU membership, immigration, and asylum.
* Domestic cuts announced today which impact upon job creation plans include £80 million taken away from Sheffield Forgemasters International Limited, £290 million from the Future Jobs Fund, £30 million from the Six Month Offer Recruitment Subsidies, £450 million from the Extension of Young Person's Guarantee to 2011/12, £515 million from the Two year Jobseeker's Guarantee and £450 million from the North Tees and Hartlepool hospital project.
British people put last, once again.