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Where's the postbox? sma fittor
First, on Tuesday morning, came tricky public borrowing figures. It is still just about possible for Mr Osborne to squeeze under his 2012-13 target, but the balance of probability is tilting ever more sharply against him. Later the same day, the Governor of the Bank of England warned that monetary policy cannot do all the heavy lifting. Sir Mervyn King did not suggest that the Government change its fiscal strategy; but he did press for further supply-side reforms to boost "disappointingly slow" growth. Hardly a ringing endorsement for the Government.

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