This is just the start of it

The UK Government needs to act more boldly than it has done. There is no point waiting-the cuts they know ought to be bmade need to be made right now.

Sweden went through a similar problem, as the UK now faces, in the 1990's. In 5 years Sweden had recovered. There was an element of luck ie the devaluation of the Krona, and the fact that the rest of the world was not in recession. However the model of recovery still holds good-cut spending, devalue currency, boost exports. The real engine to recovery is the engine of exports.

If the UK cannot compete with the rest of the world as far as trade is concerned then we will lose out. We cannot rely on London as the centre of world banking or the fact that banking generates about 25% of all tax receipts. We need to do more and we need to do it now. The TUC call to wait and see and to protect jobs and frontline services is natural, to be expected-and wrong.