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Today George Osborne stood up and declared victory. The economy finally appears to be improving after six years of stagnation and rising public debt. However, Osborne still struck a cautious note as he called for “a responsible recovery, where we don’t pretend we can make this nation better off by writing cheques to ourselves.” The Chancellor’s warnings are sensible but he has yet to seriously address the looming challenges.

The Chancellor knows there is still a long way to go before the country gets back on track: the economy lingers 2.5 per cent below its 2007 peak and unemployment remains…

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