George moves to allay fears on public finances

Edward George agrees with Mervyn King that the UK housing market is set for a dramatic slowdown in price rises. He joins the stability and growth pact debate effectively criticising it by raising concerns about spending cuts and tax increases when the opposite is needed. "It needs to be looked at again", he said.

Sir Edward George yesterday sought to allay fears that the chancellor is facing a "serious black hole" in the public finances, despite signs of lower-than-expected tax receipts, the

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