We’re about to be rudely awoken from the ten-year bliss of increasing public-spending budgets, take-home pay and decreasing taxes.
Wise ministers will enjoy the holidays while they can. When they return to their offices, they will be faced with agreeing the most difficult budgetary round since the mid-1980s. They will also be faced with political problems that none of them have ever had to countenance before, in what promises to be a torrid...
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