#UK: Bill Requiring Gov't To Spend Less Than It Collects In Taxes Passes

[world politics news]

New spending rules passed in a 320 to 258 vote after heated debate. Chancellor George Osborne said the plan, requiring governments "in normal times" to spend less than they get in tax, represented "economic sanity". Labour voted against the Conservatives' Charter for Budget Responsibility, but 21 of their MPs abstained.

#UK: Greek Financial Crisis "Greatest Threat" To World Economy, Says UK Chancellor; Stocks Plunge

[world politics news]

The ongoing Greek fiscal crisis caused stocks in Europe and the USA to plunge over 1%, as the UK's Chancellor of the Exchequer George Osborne warned the deadlock over Greece’s bailout program could trigger a repeat of the 2011/2012 fiscal crisis in the EU, causing a potential "calamity."