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British budget battle

The new coalition government in the U.K. is doing something remarkable: cutting spending. As you might imagine, this is not going over well among those who are recipients of government money (including the one-in-five British workers employed by government).

The ax-and-tax budget plan also increases the value-added tax and raises the tax rate on capital gains. That's making for even more unhappy Brits.

Below is a tongue-in-cheek "mash up" of last week's House of Commons speech by George Osborne, Chancellor of the Exchequer (the British Cabinet minister responsible for economic and financial matters). A few days before the speech, Osborne said that unless Britain takes strong steps to reduce its $1.4 trillion national debt, it will be "on the road to ruin" like Greece.

Warning: prepare to hear plenty of screaming.

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