What on earth does it mean? I don't bother watching the news anymore because they frequently use language I don't understand, they assume the watchers are educated to a level that would understand politics and world economics and use all these fancy words then wonder why today's youth takes no interest in what is going on around them. Speak English! So please what does it mean, what is actually going on?
Do you mean save money by the government not spending on the public or us not spending on loans, credit cards etc?
the country is spending more than making, so that is a deficit. in our terms its like your monthly household bills being more than your wages. you can use credit cards and borrow money to pay of the bills and create more debt in the short term and hope you get a pay rise or the bills go down so you can pay, or you cancel the sky+, the broadband, mobile phone etc and reduce your monthly outgoings so you live within your means. on a massive scale, like a country, the savings are made by spending cuts which are pensions and pay cuts (but only if you work for the goverment as in nhs, police, civil service etc called the public sector) and by cutting the amount we borrow from other countries and basically tightening their belts.
Austerity. From the word "Austin", a brand famous for their cut-back/pared down methods of building cars in the 70's. The government was in charge of that as well.
