Who's it to be - Paul Krugman or George Osborne? They can't both be right. The former, winner of the Nobel Prize for Economics, says that that the swingeing spending cuts imposed by the Conservative-Lib/Dem coalition before the economy has had time to recover are likely to push Britain into the sort of long-term recession experienced by Japan. The latter says there is no alternative to drastically reducing, if not eliminating, our massive deficit now.
As I say, they can't both be right. But could they both be wrong? Watch this space!
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