UK 'could need 10 years of austerity'
Britain may need to undergo a ten-year period of austerity before the country fully recovers following the global economic downturn.
That is according to independent think-tank Reform, which believes that further spending cuts represent the best route towards restoring financial normality for the government, the Daily Telegraph reports.
Reform indicated that decelerated expansion is "inevitable" due to the high level of debt present in the nation at present, meaning that "even under the best case scenario, the programme of austerity should be at least a ten-year project".
With this in mind, the group called on the administration to stop focusing on short-term measures or quick fixes to the problem, as such a stance is "one reason the UK economy is in the mess it is in".
This comes after prime minister David Cameron yesterday (21 November) said that Britain's recovery is being severely stunted by the ongoing debt crisis in the eurozone.
By Claire Archer
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