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Austerity measures are damaging the economy in Britain, Italy and Spain, warned Nobel Prize-winning economist Paul Krugman.
Many economic commentators, and those working in banking and finance, thought that the worst of the global economic recession had gone away. They were wrong. It looks to be back with a vengeance.
In the run-up to the government's 'emergency budget', the overwhelming political consensus, parroted each day by the BBC’s economic correspondents, is that ’balancing the budget’ and ’slashing the deficit’ is now a national priority.