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Financial Times: Britain’s historic general election

The UK has a huge fiscal deficit, a bloated state and soaring public debt. It is far poorer than expected three years ago. Adjustments must be made. As Bill Martin of Cambridge University’s Centre for Business Research points out in an excellent new report, the economy must rebalance towards net exports and investment; policy must strongly support economic growth; and there must be a credible plan for eliminating the fiscal deficit, weighted towards cutting bloated spending.

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