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Tough Spending Controls Needed

John Hawksworth head of macroeconomics at PricewaterhouseCoopers LLP discusses the new Treasury forecasts for economic growth and public borrowing
The Chancellor of the Exchequer remained upbeat in his Budget speech arguing that the UK economy would recover gradually over the next couple of years which should ensure that the budget deficit declines steadily from recent high levels over the next few years. As a result he presented a 'steady as she goes' Budget with few major new tax or spending measures. But how healthy are the public finances and will future action be needed to keep them on the right track in the longer term?
Treasury forecasts suggest accelerating growth in 2006–8

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