Philip Hammond must spend billions extra to end austerity, says think tank the Institute for Fiscal Studies (IFS). To maintain per capita spending across government departments which don't have ring-fenced budgets, he must find an extra £5bn a year by 2023, it adds. And maintaining spending on unprotected services as a share of national income would require £11bn on top of spending plans set out in the 2018 Budget.
Ecuador may use financing from the International Monetary Fund (IMF) to balance its budget, as the South American country seeks to reduce a swollen fiscal deficit and its international debt, the finance minister admitted on Friday.
After 13 hours of debate, the Argentine Senate approved the draft Public Administration Budget for 2019 early on Thursday. The project, presented by Mauricio Macri’s government, went ahead with 45 votes in favor, 24 against and just one abstention.
The British government must increase spending on the armed forces if Britain is to maintain its defense relationship with the United States, MPs have warned. The Commons Defense Committee said without further investment, UK forces would struggle to maintain “interoperability” with the US military, diminishing their usefulness as allies.
Brazilian President Michel Temer signed a measure that paves the way for the privatization of Eletrobras, Latin America’s largest power company, according to a government official.
The Falkland Islands ended the approval process for the 2011/2012 budget, following the positive report from Financial Secretary Keith Padgett to the Legislative Assembly budget session.
Brazil announces 50 billion Real (30 billion US dollars) cuts from this year’s budget as President Dilma Rousseff seeks to help the central bank contain inflation and lower some the world’s highest real interest rates.
British Prime Minister David Cameron has joined forces with France and Germany to demand a real-terms freeze in the European Union budget until the end of the decade.
Amid expectations over President Barack Obama's comments on the Wikileaks scandal, he instead offered a speech to announce a two-year freeze on the pay of federal workers, as he seeks to show he is committed to reining in the ballooning US budget deficit.
Spain presented a tough 2011 budget, deepening an austerity drive and taxing the rich more heavily as it seeks to boost confidence in a fragile economy ahead of a general strike.