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The US and UK are failing to confront the drivers of explosive debt growth

THE CHANCELLOR Philip Hammond will take to the despatch box tomorrow to deliver his Budget. The media will pore over the plethora of announcements made - fiddly tax changes here, growth forecast revisions there. But this shortterm focus misses the real policy story of the post-crisis period. The political class is failing to address our longterm fiscal challenges, with its spending choices arbitrarily reshaping the British state while entrenching growing welfare expenditure on politically powerf

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