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Leading article

The ringfence cycle

26 November 2015

3:00 PM

26 November 2015

3:00 PM

By now, George Osborne had hoped to have completed his austerity programme. Instead, he finds himself making what is, still, the most ambitious round of cuts of any finance minister in the developed world. The Chancellor is paying the price for the leisurely pace that he decided to take in the last parliament – due to his habit of buying time by deferring pain.

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