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Ed Balls's tax plan risks alienating business leaders and the City

Margaret Thatcher oversaw recession, social unrest and rising unemployment. As the government embark on their policy of drastic spending cuts, will history repeat itself?

For more on Labour, see David Goodhart’s review of Tony’s Blair’s “A Journey”

This is a dangerous time for Britain’s economy. History teaches us that recovery from a large-scale financial crisis can be slow and stuttering. We need a clear plan for reducing the deficit, based on a careful balance between employment, spending and taxation. But this can only happen once growth is secured—and over a markedly longer period than the government is planning.


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