Chancellor says Austerity Measures are Justified

The video discusses the economic challenges faced by European countries like Greece, Ireland, and Portugal, highlighting their debt crises and the high costs of borrowing. It contrasts this with the UK's situation, where a credible fiscal consolidation program has led to lower funding costs. The video also explores the political and economic risks associated with the UK's strategy, with the opposition criticizing the rapid deficit reduction as a gamble that could impact growth and jobs.

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