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    that is UK gross debt will top 90.6% of GDP by 2015.

    That clearly explains the urgency of George Osborne's accellerated deficit reduction plan. The rating agencies have already downgraded Ireland despite their deficit reduction plan. Imagine the disaster if we still had Brown and his idiotic plan to just halve the deficit - we would be downgraded and would need to suffer even deeper cuts while our interest rates would be shooting up.

    The latest expectation is for UK interest rates to be held at the current level until Quarter 2 next year but can then be expected to rise. This is the suggestion from a poll of 60 economists. Labour's QE will be working through into inflation by then and a further fiscal tightening will be necessary to control it.

    There truly is no alternative to these cuts whatever posteuring we get from the opposition.

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