- Cannot eliminate deficit in one year, programme has to continue through next parliament
- Debate on timing of deficit reduction is “overblown”
- Very difficult to make changes to public spending immediately
- Inevitable will take time for changes in public spending to be implemented
- May be necessary to expand QE, will have to see how things go. Will look at situation month by month
- Biggest areas of concern are world economy, especially euro zone
- Haven’t seen much evidence of pick up in UK net trade despite sterling fall
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