Economic trouble is forecast for Kingborough, as Battlion hits a recession and the top businesses in the nation announce low half-year sales figures.
Top economists are forecasting trouble for the economy, following the announcement of a full-blown recession in Battlion, economic doom and gloom in Radiatia following the announcement of the end of the Radiatian governments attempt at pursuing free-trade policy, and the release of sales figures from Kingborough top businesses, all of which have fallen below their originally estimated half-year numbers.
The nations biggest five, the Serenely Barbecued Chicken Corporation, Principality Casino's, St Bernadette Tourism Industries, the First Car Corporation and Cymru Armaments have all announced record low sale figures at their recent half-yearly financial reviews.
The largest financial troubles have struck the First Car Corporation, which has cut almost a hundred jobs and halved its estimation of expected turnover in 2012, while Serenely Barbecued Chicken has also announced the loss of ten jobs and an estimated deficit of a million dollars by the end of the year.
The government has responded swiftly, pulling down the previous governments financial plan and throwing it out with the dish water - as the saying goes. At a press conference today Lady Marianne Coleburne, Captains Regent of Kingborough, outlined the changes that would be made, including;
• A visa-free travel zone to be established with all Humanitarian League nations.
• Income taxes to be slashed by at least 1%.
• Interest rates to be cut by half a percent.
• Education budget to be cut by 5%
• Arts & Culture budget to be slashed by 2%.
• Police budget to be slashed by 5%.
• Foreign aid budget to be cut in half.
• Defense budget to be cut by 1%.
The new People's Party government also announced that it plans on pursuing free trade agreements with some of Kingborough's closer neighbors, to "encourage economic recovery".
- The RBCK