Osborne 'Exaggerated Debt Crisis'

Deputy Prime Minister Nick Clegg has rejected claims that the coalition's swingeing spending cuts threatened the economic recovery.

Britain's new Nobel Prize winning economist, Professor Christopher Pissarides, has warned that the Government was taking "unnecessary risks" at a time when the economy remained weak.

He accused Chancellor George Osborne of having "exaggerated" the threat of a Greek-style sovereign debt crisis unless drastic action was taken to tackle the UK's record deficit.'

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