Europe Economy

Should the UK Quit Austerity?

London, England
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Pimco's Bill Gross, billionaire investor George Soros and the International Monetary Fund have all criticized the U.K. government's austerity plan.Yet, finance minister George Osborne is sticking to the controversial policy.

Last week, Fitch became the second ratings agency to cut the U.K.'s triple-A rating. Osborne has insisted the U.K. must stay the course as public sector net debt has ballooned to 1.2 trillion pounds ($1.85 trillion) or 75.4 percent of GDP.

But austerity is hurting growth, which is forecast at just 0.6 percent this year. The U.K. is expected to narrowly miss a triple-dip recession when first quarter GDP figures are released on Thursday morning.

(Read More: UK 'Not Much Roomfor Maneuver': Fitch)

So, do you think it's time the U.K. finally quits its austerity program?