Wednesday’s British budget has been signposted as the most important budget for a generation and will probably see UK Chancellor Alistair Darling coming clean about the state of public finances.
The Chancellor will probably acknowledge that his confident call just 5 months ago of a modest 0.75 percent to 1.25 percent contraction in GDP was somewhat wide of the mark. The Bank of England’s own estimates range between 3 percent and 4 percent..
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