Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Riyadh Metro to begin partial operations next Wednesday: Report    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Al Qadsiah hands Al Nassr their first defeat in the Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Downing Street indicates Netanyahu faces arrest if he enters UK    London's Gatwick airport reopens terminal after bomb scare evacuation    Civil Defense warns of thunderstorms across Saudi Arabia until Tuesday    Saudi Arabia, Japan strengthen cultural collaboration with new MoU    Slovak president meets Saudi delegation to bolster trade and investment ties    Saudi defense minister meets with Swedish state secretary    Navigating healthcare's future: Solutions for a sustainable system    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Sixth foreign tourist dies of suspected methanol poisoning in Laos    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws    Al-Jasser: Saudi Arabia to expand rail network to over 8,000 km    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Britain's Osborne urges opposition rebels to back new fiscal law
Published in Saudi Press Agency on 14 - 10 - 2015

AlHijjah 30, 1436, October 14, 2015, SPA -- British finance minister George Osborne on Wednesday urged opposition Labour Party lawmakers to rebel against their newly-elected leader, Jeremy Corbyn, and support a Conservative proposal to enshrine new rules on fiscal discipline in law, according to Reuters.
Parliament is due to vote later in the day on rules that commit the government always to target a budget surplus in 'normal' economic times - a move that he says is needed to cut the national debt and provide long-term economic security.
The policy has wrongfooted Labour's new left-wing leadership and allowed Osborne - seen as the frontrunner to succeed Prime Minister David Cameron - to try to exploit a rift between the opposition's socialist leaders and its more moderate lawmakers.
"I call on all moderate, progressive Labour MPs to defy their leadership and join with us to vote for economic sanity," Osborne said ahead of a parliamentary debate on the charter.
The 'Charter for Budget Responsibility' has been interpreted as an attempt to push Labour into either voting against its aims and facing accusations of poor fiscal discipline, or backing them and so lining up behind Conservative policy.
Labour finance spokesman John McDonnell last month said his party were not "deficit deniers" and would back the charter, drawing criticism from lawmakers who said it undermined their opposition to austerity.
Seeking to address those concerns, McDonnell reversed his position this week, calling on Labour to oppose the charter.
"I don't want the Labour Party associated with this policy," McDonnell said on Tuesday. "I realised the consequences of the government's failure to invest in infrastructure and skills, the cuts that are going to start coming now, I realised that people are actually going to suffer badly."
The U-turn prompted some Labour lawmakers to publicly question his strategy - exposing a split between the hard left leadership that won control of the party in September and moderates who fear a socialist agenda could make the party unelectable.
McDonnell's predecessor, the centre-left lawmaker Chris Leslie, said the party should abstain in the vote and focus on putting forward its own economic alternative.
Cameron's centre-right Conservatives won a surprise majority in a national election in May on a platform of delivering economic discipline through deep cuts to welfare and other government spending. They should be able to pass the charter without opposition support.


Clic here to read the story from its source.