A double dip? No, a double bounce

ON OCTOBER 20th George Osborne, the chancellor of the exchequer, spelt out where the coalition government would cut spending on welfare and public services over the next four years. An obvious worry about the fierce fiscal retrenchment that gets under way in earnest from next April is that it may stop the recovery in its tracks. But on the basis of today’s official figures for how the economy performed in the third quarter that fear looks exaggerated.

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