We must consider long-term issues in handling deficit

The winds of change are definitely blowing through UK economic policy making. In the March 2017 Budget the Chancellor Philip Hammond had already indicated that he was taking a more relaxed view as to how long it might take to re-balance the UK budget deficit. The internal debate within the Conservative government on issues such as tuition fees and the public sector pay cap implies that containing public  spending is no longer regarded as sacrosanct.

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