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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared WRAPUP 4-BP fails to plug oil well with 'top kill' 29 May 2010 WRAPUP 3-BP, Obama face clamor to halt oil spill "crime" 1:15pm EDT Bankruptcy talk spreads among Calif. muni officials 27 May 2010 BP, Obama face clamor to halt oil spill "crime" | Video 3:40pm EDT BP well disaster stuns hardened oil men 27 May 2010 Berkshire confirms Buffett subpoenaed to testify 28 May 2010 France warns on credit rating 12:08pm EDT Hollywood hellraiser Dennis Hopper dead at 74 | Video 29 May 2010 China urges region to step back from Korea clash | Video 10:54am EDT Review needed on U.S. military gay ban repeal: Mullen 11:17am EDT U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 Bankruptcy talk spreads among Calif. muni officials 27 May 2010 Business Books: Why Russia and China will eat your lunch 28 May 2010 BP, Obama face clamor to halt oil spill "crime" | Video 3:40pm EDT Israel rejects call to join anti-nuclear treaty 29 May 2010 WRAPUP 3-BP, Obama face clamor to halt oil spill "crime" 1:15pm EDT Storm Agatha kills at least 17 in Central America 2:17pm EDT Death and betrayal stalk police in Iraq 28 May 2010 Hollywood hellraiser Dennis Hopper dead at 74 | Video 29 May 2010 WRAPUP 4-BP fails to plug oil well with 'top kill' 29 May 2010 UK coalition plans seen surviving Laws' departure Stefano Ambrogi LONDON Sun May 30, 2010 12:45pm EDT Britain's Treasury Secretary David Laws leaves a cabinet meeting at Downing Street in London May 18, 2010. Credit: Reuters/Suzanne Plunkett LONDON (Reuters) - The loss of a treasury minister just 18 days into office is a serious setback for the new British coalition, but is unlikely to drive it way off course in its search for deep spending cuts to curb the budget deficit. World Chief Secretary to the Treasury David Laws, who had been responsible for identifying budget cuts, resigned on Saturday after questions arose about his expense claims which may have broken official parliamentary rules. Analysts described his resignation as a knock to the fresh Conservative-Liberal Democrat alliance, but not insurmountable. "It is a blow but not fatal by any means," said Royal Bank of Scotland economist Ross Walker. Asked how the City would react he said: "There are other bigger issues at the moment, but I think there will be a sense of disappointment, because at the margin it probably makes some of the fiscal tightening harder to sell." Economist Philip Shaw at Investec said in just two weeks Laws had shown himself to be a very capable communicator and an important bridge between Lib Dem and Conservatives policies. "Having said that it's not a mortal wound for the coalition. Before the election his name wasn't really being touted as the chief secretary, so the process of fiscal consolidation will carry on without him," he said. "It is a shock and shock that has come quickly in the life of the new government, but it is one that perhaps will be survived fairly easily." POLICIES MORE IMPORTANT THAN PEOPLE A newspaper had reported that Liberal Democrat Laws, second to Conservative finance minister George Osborne, had claimed tens of thousands of pounds in taxpayers' money for rent he passed on to his long-term male partner. Laws, an economist with a background in London's financial services industry, was a key player in the Conservative-Liberal Democrat coalition. He appeared to have struck up an effective relationship with Conservative finance minister George Osborne. The two men were drawing up spending cuts to rein in Britain's record peacetime budget deficit, which exceeds 11 percent of gross domestic product. The coalition is due to present an emergency budget on June 22. "I do not see how I can carry on my crucial work on the budget and spending review while I have to deal with the private and public implications of recent revelations," Laws, a millionaire, said in his resignation statement. Prime Minister David Cameron moved swiftly to replace Laws, appointing another Liberal Democrat, Scottish Secretary Danny Alexander, to the post. Senior politics lecturer at Sussex University, Tim Bale, said ultimately the coalition agreement between the parties and the policies themselves were more important than one man. "Coalitions are about teams of people rather than individuals and the loss of one individual is serious, just like it is for a soccer team, but there are more players than just one and his absence won't be the be all and end all." Alexander, 38, has no experience of high office nor the financial expertise of Laws. He had been chief of staff to Liberal Democrat leader Nick Clegg since 2007 and, with Laws, was part of the negotiating team that helped to form Britain's first coalition since 1945. Asked how financial markets would react to his appointment, RBS' Walker said he was an unknown quantity. "He was one of the negotiating team and therefore is well regarded within the Lib Dems, so we will just have to see. "But I think Osborne was the key figure in all of this (budget cuts) and that is going to continue." (Editing by Myra MacDonald) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. 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