This is the latest story in the media.
Given the horrific extent of the spending cuts already announced by the Coalition, I would like to believe Philip Hammond, the Transport Secretary, when he says such deep reductions in spending are not likely to happen.
I hope he is right. The economy would not be able to function with such cuts to the public sector.
The worst-case scenario of a double-dip recession would definitely become a reality; a situation from which it would take this country years to recover.
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