Most of the spending cuts announced by British Chancellor George Osborne had been leaked in advance, but the scale of the deficit-reduction measures is still breathtaking, according to The Economist. The opposition tries to characterize the Conservatives as "unreconstructed Thatcherites," but measures proposed by the Conservative-led coalition government go beyond anything attempted by former Prime Minister Margaret Thatcher. "The government is going to need a lot of nerve to stick to the plans it has laid out, and four years is an awfully long time in politics," the magazine notes.

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