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The sheer ambition of the cuts may be their undoing, argues the head of the IFS. Image: altogetherfool

It might appear that a crisis in Britain’s public finances has been averted. The country’s finances for 2010-11 were better than expected. Tax rises and spending cuts should see the budget deficit largely eliminated within five years. The markets seem relaxed, and the interest rates the government pays on its borrowing remain modest. So the question arises: is George Osborne right to stick with his programme of cuts?

As ever, the answer is not straightforward—and complacency is certainly dangerous. In 2010-11 Britain…

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