Murdoch hails spending cuts

City A.M. Reporter
Media magnate Rupert Murdoch last night called for Britain’s coalition government to press ahead with deep cuts in public spending, saying the financial crisis should not lead to an assault on economic liberalism.

Delivering a lecture in honour of Margaret Thatcher, the News Corp chief executive exhorted the government to follow the example set by the former British Prime Minister to ensure British businesses could compete on the global stage.

His lecture came a day after the coalition government, made up of Prime Minister David Cameron’s centre-right Conservatives and centrist Liberal Democrats, announced £81bn of spending cuts to address a budget deficit of 11 per cent of GDP. “So, like the lady, the coalition must not be for turning,”

Murdoch said, echoing a famous speech made by Thatcher who led Britain for 11 years from 1979. “The financial crisis was a shock to the system. While the effects linger, it must not be used as an excuse by governments to roll back economic freedom.”

Thatcher, unable to attend the event herself as she was in hospital after a bout of flu, advocated free market policies, private enterprise, thrift and self-reliance.