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The budget: wrong diagnosis, wrong cure

The government must admit that it is wrong about the debt crisis

By Tony Dolphin  

Budget-watchers who are old enough will remember a time when the most important element of a budget was the “budget judgement”: how much money the chancellor was putting into or taking out of the economy. On this basis, today’s budget was a non-event. In 2013/14, the chancellor is adding £1.3bn to the economy, before taking £1.6bn out in 2014/15. In a £1.5 trillion economy, these are no more than rounding errors.

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