George Osborne says he will not deviate from his deficit reduction strategy for fear that the bond markets might take fright. Some figures on the right, such as Conservative MP David Ruffley, are urging him to borrow a bit more to cut taxes to stimulate the economy.

Senior economic adviser to UBS, George Magnus and Louise Cooper, senior financial analyst at BGC Partners, debate whether the markets would look dimly if the chancellor were to adjust his fiscal plans.

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