The Big Picture: The Global Economy

Money moves around the globe. It does not always disappear. ... We presumed a different set of global players has it now. They are playing with it at a different venue and at a different pace. ... Sooner or later, a portion of the money will somehow return to its place of origin.

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Britain has 'no money left'

2010-05-17 19:05

London – The scale of the economic challenge facing Britain's new government was laid out in a one-sentence letter, left by a minister who said: "There's no money left", it emerged on Monday.

David Laws, newly appointed chief secretary to the Treasury under Prime Minister David Cameron's new coalition government, described to reporters how he had been left the note by his predecessor Liam Byrne.

"When I arrived at my desk on the very first day as chief secretary, I found a letter from the previous chief secretary to give me some advice, I assumed, on how I conduct myself over the months ahead," Laws recalled.

"Unfortunately, when I opened it, it was a one-sentence letter which simply said 'Dear Chief Secretary, I'm afraid to tell you there's no money left', which was honest but slightly less helpful advice than I had been expecting."

Britain's new Conservative-Liberal Democrat government, which took power last week after elections on May 6, has promised to tackle the country's record deficit as a priority and will unveil an emergency budget on June 22.

- AFP

http://www.news24.com/World/News/Britain-has-no-money-left-20100517