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  Are you Barry?
  
  This week the Telegraph, Times and various online news sources have all had City Editorials supporting the view that we are coming out of recession.
  
  Yes they have also reported that Brussels is talking down the UK's position and estimating frankly ludicrously high levels of defecit, almost as ludicrous as Darling's which are on the low side. Like all these things the truth lies somewhere in the middle, not good but not disastrous (yet).
  
  Yes there are consequences to the fiscal support packages from the BoE & Treasury and these will cause a level of future pain, though much of this may be ameliorated if global stock markets stabilise at current levels or better. There are also political consequences meaning future governments will have much less freedom of movement on spending, tax take & levels etc. as the state debt needs to be serviced and repaid.

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