New Labour realism reveals scale of UK's problems

Telegraph
"Alistair Darling has spoken the ugly truth – the UK faces years of austerity. ....The UK Chancellor of the Exchequer's acknowledgement of the imperative of "getting borrowing down" reflects the weakness of Gordon Brown. The problems go deep. The big spending cuts needed in the UK will take a chunk out of growth – and tax revenues. The likely result is many years of poor UK growth – just as was the case in the early 1990s, after the late 1980s housing boom under the Tories. Darling may still be underestimating the scale of the UK's rebalancing challenge – and the time it will take."