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Same problem, different answers: Cameron and Obama have diverged on the treatment of the deficit

Britain’s recovery has proved even more sluggish than expected. Troubles in the euro area have dragged on and oil price increases are adding pain by constraining consumers’ purchasing power. The result is that the British economy is now close to a standstill.

Last year, our analysis at the Organisation for Economic Co-operation and Development (OECD) suggested that Britain’s economic recovery would be weak, on the basis that recoveries from financial crises always tend to be slow. The excessive private and public debts that result from…

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