Of course we are back in recession. Did you notice that we had ever left it? No, neither did I. Whereas Ed Balls now agrees with that brilliant economic strategist, George Osborne.
For how much longer will anyone continue to vote for the party of Ed Balls, as growing numbers had been doing up until this development? For how much longer will anything continue to fund that party? Not "any party". That party.
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The Item Club uses the same model for its predictions as the Treasury and the OBR, both of which erred on the side of optimism in their predictions last year. So we must assume that the true picture is even worse than the Item Club thinks. Depressing.
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