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Osborne's fiscal chasm

Dec 3 2012  George Osborne's update on the UK's public finances on Wednesday will be tough. The chancellor is facing disappointing economic growth and slowing tax receipts. Carl Emmerson, deputy director of the Institute for Fiscal Studies, discusses with economics editor Chris Giles how even an optimistic outlook now sees Mr Osborne missing his debt reduction target without more austerity.  (4m 41sec)
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Produced by Darryl Thomson. Filmed by Rod Fitzgerald and James MacDonald.
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