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Will The Uk General Election Create A Time Bomb Essay

510 Words3 Pages

Will the UK general election create a 'time bomb' effect? The 2015 UK general election is set to be one of the most closely contested in British political history. The division within the country has become more and more evident as the race to 10 Downing Street has irked towards its conclusion. Many believe that no matter the result the UK economy will calm down following the result, but there are some who think crisis could be on the horizon. Uncertainty has reined supreme in the run up to the UK general election, with televised debates only adding to the drama. However, there is an argument being put forward by a top city analyst that is drawing plenty of media attention. Albert Edwards, chief global strategist at Société Générale, believes that whichever government wins the UK general election; they will face a race against the clock to diffuse “a ticking economic timebomb”. …show more content…

Edwards states that the coalition government, while successful in some areas, will end power with “grotesquely wide deficits still in place in both public sector finances and external imbalances”. What he is addressing is that UK’s well-known twin-deficit problem. This is issue presents a challenge to the new government whoever it may be, largely as the figures aren’t impressive. Comparing the UK to other nations who were heavily affected by the 2008 financial crisis, the 10% of GDP doesn’t look so great, with 5% for the US and 8% for Japan. Speaking on the state of the UK economy Edwards said, “It is not because the public sector deficit cutting has worked as the government claim, but because, for the last three years, the government has quietly abandoned all pretence at fiscal cuts, kicking the can into the next

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