But the significance of this year extends far beyond the political soap opera. At the end of 2009, many Britons had been sheltered from some of the worst effects of the recession as interest rates fell and the Government continued to spend in order to support the economy. But George Osborne's emergency Budget in June set in motion the most ambitious fiscal consolidation since the 1970s, as the Coalition decided that a potential threat to Britain's creditworthiness was a greater danger than high unemployment.
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