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    There is no problem with borrowing money Alexander - as long as it is not excessive, is serviceable and is for the right reasons such as capital investment.

    The problem arises from current account deficits such as we have in the UK and the failure to balance the deficit in 'the good times' as happened since 2001, at which time the deficit was falling fast based on Ken Clarke's spending plans. Brown's failure to carry on balancing the books because he thought he had 'banned boom and bust' is a major reason for our problems.

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