"The degree of leverage now being reversed is on a staggering scale, and the underlying global imbalances – notably between the savers and the spenders – will require long and painful adjustment."

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I will not accept a new wave of fiscal retrenchment, of belt-tightening, without asking people at the top to make their contribution, to make an additional contribution. I don't think you can ask people on middle and low incomes, who, after all, are the vast majority of the British population, to bear the brunt of this adjustment.

— Nick Clegg