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    Mervyn King did just that PaulB - he said that this is down to the damage caused by the Eurozone crisis. The reasons why are very important.

    That said, it is not an excuse for Osborne not to push ahead with the supply side reforms that are necessary and needs to ignore the LibDems who have been blocking them.

    The Eurozone is set for a turn for the worse, by the way, and the Conference season could well be dominated by a renewed crisis. Let us hope this time they grasp the nettle and stop just applying plasters.

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