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05 December 2012

But Of Course

As expected, the result:

Britain is facing an additional year of austerity after the government said Wednesday it missed one of its self-imposed debt reduction targets because the economic recovery was weaker than expected.

George Osborne, the Chancellor of the exchequer, said it would take four years instead of three for Britain to start reducing its debt as a share of national income.

The cure is...well, you know:

Speaking in Parliament to give an update on the economy, Mr. Osborne said austerity measures would now stretch to 2018.

Japan had its Lost Decade, the UK is headed for a Lost Century. Good going, Élites!


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