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The Chancellor was under pressure to get the economy back on track with his spring budget after the UK slipped into a recession and the headroom for cuts halved.
The Chancellor is said to have backtracked on moves to reduce the basic rate from 20 per cent to 18 per cent in a pre-election move to boost economic growth.
It is a little-known fact that if you had been unlucky enough to buy the London stock market at its peak in 1972, your real return over the subsequent decade would have been worse than if you had bought American stocks just before the Wall Street crash in 1929.