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Everyone seems to want to “rebalance” the British economy. The word was used 12 times in the last budget and is cited by politicians across the spectrum. But what does it really mean? And is such a thing even possible given the looming spending cuts?

Speaking just after the Conservative party conference last October, George Osborne gave “rebalancing” an ambitious definition: “We have to rebalance this economy to make it less wholly dependent on the success of financial services,” he said. “We need active government support for manufacturing, low carbon energy, pharmaceuticals, aerospace, the creative industries and the other sectors…

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