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Osborne was wrong

Despite what the chancellor says, the global economic slump is not his main problem

By George Magnus   January 2013

The chancellor holds up the Budget box outside 11 Downing Street (photo: HM Treasury)

George Osborne’s Autumn Statement marks the half-way stage in this parliament. It is a moment to reflect on his economic strategy and to look forward—with some trepidation, it has to be said. The strategy to breathe life into the economy, eliminate the structural part of the deficit and bring the debt to national income ratio down by the next election in 2015 has not worked. The economy remains in a mild depression, with periodic ups…

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