Britain will have its smallest government since the 1930s if plans for a decade of austerity take effect. The U.K. government unveiled new budget goals last week that would mean five more years of cuts as it tries to close a stubbornly wide gap between revenue and spending. Despite recent strong growth, hefty cuts to welfare programs and frozen public sector pay, Britain is still running a budget deficit of about 5% of GDP. Disappointing tax receipts are partly to blame. Parliamentary elections are just five months away and the new forecasts from Chancellor George Osborne have drawn heavy criticism from independent ... (full story)