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    No Howard - the course is set for deficit reduction, that is Plan A and I predict he will stick to that.

    Indeed he has no choice, there is just no other option as if the markets sense any weakness towards that then we will face the kind of crisis of confidence we are seeing in the EU and the government would soon be paying 7.5% on bonds (as is Italy) rather than 2.4% as the UK is now, if we are lucky. Imagine the impact of that when it works through to domestic mortgages as it would and a trebling of mortgage rates.

    That does not mean there is no room in other respects, as long as he sticks to his deficit reduction course, which is Plan A and the only viable plan.

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