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George Osborne’s latest budget was, as expected, “fiscally neutral”. The Chancellor kept to his “austerity plan”, the aim of which is to cut the UK’s annual budget deficit to zero by 2016-17. As such, last week’s measures were presented as proof of the coalition’s “resolve” and “determination of act responsibly”.

I fully accept that, under tough political circumstances, the British government has devised, and so far broadly implemented, a plan to rescue the public finances from the absolutely disastrous state they were in due to Gordon Brown’s reckless spending and the global credit crunch.
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