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May 29, 2012

LeftCentral

Tom Bailey 

For those who believe that the coalition has profoundly misjudged its economic strategy, good news would appear to have come in the form of Nick Clegg promising a ‘massive amplification’ of state investment. This would appear to suggest support for the measures that Labour has been advocating for some time. Credit easing and state investment of the funds that bond purchasers are begging the UK to take could give a boost to the economy which we have just heard has sunk into a double dip recession. When Cameron’s economic record has struggled such that Eurozone leaders are telling him where to take his advice on account of their record on growth exceeding Britain’s, something somewhere has evidently gone desperately wrong. Ed Balls’s August 2010 Bloomberg speech seems vindicated by every new piece of economic news. His argument that the country needed a ‘credible and medium-term plan to reduce…

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