[originaltext]M: For political heavyweight it’s been a delicate balancing act,

M: For political heavyweight it’s been a delicate balancing act, the task of Chancellor Gordon Brown, since 1997, has been to fund the huge increases in health and education spending, banish his Labor Party’s old tax and spend image, earn the trust of business, and not mess up the economy on the way. He thinks he’s done rather well.
W: Yes, Britain has not only avoided recession, but has continued to grow in quarter after quarter, year after year, in all eight years in the government and enjoyed the longest period of sustained growth for over 300 years.
M: And the economic experts broadly agree, pointing to an average growth rate of 2.4% each year under Labour.
W: The economy has certainly done well, and that is I think at least in part because the Labour Party hasn’t done anything that’s rocked the boat.
M: Even Brown’s political opponents say his first move as chancellor was his best.
W: We’ve had good economic stability in the UK and steady growth, and much of this is down to the decision he made within the first few days of coming into office, of making the Bank of England independent, setting interest rates on a non-political basis.
M: But Brown’s previous chancellor, Conservative Kenneth Clarke, says he left Britain’s economy and public finances in excellent condition. So what are the problems now?
W: Well, taxes have gone up, spending has gone up, waste of government money has vastly increased, and I think people will say he frittered away a very strong economic inheritance.
M: But back to the here and now, and economists agree storm clouds are gathering over the UK economy. The boom which has seen house prices triple under Labour is now well and truly over. Prices are stuck in the doldrums; this place has been up for sale for over 6 months. And Retail sales may be buoyant enough, but many of the people are shopping with the bank’s money, 30 billion dollars they borrowed last year. Economists and political opposition alike, now worry the good times for UK consumers may end suddenly and painfully.
W: All of this will then in turn, affect the budget, though the government’s balance sheet is very comfortable, and they could borrow through a recession, it puts on top of an underlying structure that, well, as we can see that these golden years are rapidly becoming a serious problem.
M: And some experts think the UK treasury may be guilty of wishful thinking on how big the tax risks are. W: We think the tax revenues are going to grow very strongly over the next few years, but still not as strongly as what the treasury is expected. If we’re right, and the treasury is wrong, that means that new tax raising measures worth about 11 billion pounds, would need to be introduced to get the tax burden up to the level the treasury is looking for.
M: In fact, independent observers agree, a third term will bring tax heights, even if Prime Minister Tony Blair and his heir apparent Gordon Brown, aren’t exactly trumpeting that in their campaign.
W: Yes, I expect that there will be tax increases, on the scale of roughly 2p in the pound on income tax, slightly more, of course, it may not be collected, through income tax.
M: The conservatives though, believe they could actually cut taxes.
W: Well, they promised that they’ve still got to grow spending, still got to invest more in schools, and the hospitals and so on, but they won’t grow spending as fast as Labour, and they’ve set out to do that precisely to avoid the substantial tax increases that are coming this way if Labour is elected.
M: Labour says voters prefer to hang on to its achievements in its eight years in power.
W: Yes...such as stability, employment, better health service, better education, but also a million more home-owners, a million more children.
M: Yes. What about that?
W: Yes, I don’t think that anyone who is wanting to achieve these things in parliament wants to put them at risk.
M: The problem though is the rising economic tide that boosted UK in public finances in the late 1990’s is now on the end, so spending will have to be detained, or taxes increased. British taxpayers are in for an unwelcome surprise, no matter who wins the election.
11. Since 1997 there have been several tasks for Chancellor Gordon Brown to fulfill, according to the man. Which statement is not one of them?
12. Which of the following statements is true about the current economic situation in the UK, according to the woman?
13. Britain’s economy has several serious problems. Which of the following statements is not one of them?
14. Voters side with Labour for several reasons. Which of the following statements is not mentioned?
15. Whoever wins the election, what shall happen to British taxpayers in the future according to the interview?