Yet it would be a mistake to put too much trust in that interpretation. Britain is still an outlier in terms of its budget deficit, which was a touch below 10% of GDP in the financial year ending in April. Only America, Greece and Ireland had bigger deficit ratios last year. Two of those have lost the faith of markets; America will be the first port of call for anxious investors for as long as it remains the worlds main reserve currency. Britain is adding to its public-debt burden at a faster rate than most others and bond markets can turn quickly, so it is prudent to shrink the deficit towards the rich-world norm. That said, credibility won by this years fiscal tightening may buy the space to cut more slowly in future, if the economy stays weak.
然而如果对这种解释过分信任,也是错。在预算赤字方面,英国仍然是个异类,在截止于四月的财政年度中,英国的预算赤字,下触GDP的10%以下。去年只有美国,希腊,爱尔兰的赤字率较高。希腊和爱尔兰已经失去了市场信任;只要美元依然是世界主要货币储备,美国便是那些不安投资者的首选安全港。英国的债务负担正以较他国更快的速度增长,债券市场也随时可能风云突变。因此英国在削减赤字方面会一再小心以达到富国标准。那就是说,如果经济继续疲软,由今年的财政紧缩换取的市场信任可能会给以后的逐步减赤获得空间。
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