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Thu 03 Mar 2008Mr Darling's budget
'TURBULENCE IN global financial markets, which started in the American mortgage market, has affected all economies from the United States, to Asia as well as Europe." Alisdair Darling's observation about US economic prospects in yesterday's UK budget speech was intended to exculpate him from charges of caution and narrow options but is surely well taken.
His first budget as Chancellor was framed more by this global turbulence than by the immediate needs of the British economy.
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