Elephants in the house

Published:  25 March, 2010

LONDON: According to Bridget Rosewell, the chief economic adviser to the Greater London Authority, the Budget ignored two enormous elephants: the trade deficit and its cousin, the fiscal deficit.

"The detail on how either of these is to be tamed is thin. Net borrowing is set to remain above the level of 2008-09 – higher than since the previous recession, until 2013-14.

"It is worrying that the Budget focused so heavily on 'efficiencies' in public services," she said.

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