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LEADING ARTICLE: The Tories should be worried about job insecurity

At last there is something tangible to celebrate from the upturn in the economy. With yesterday's fall in interest rates - the third cut in four months - most people, not just shareholders and fat-cat executives, are beginning to feel better off. Mortgages will cheaper after yesterday's news - by up to pounds 20 a month on an average mortgage. Retail sales, reflecting consumer confidence, are well up. House prices have now been rising steadily since the summer, chipping away at negative equity. Meanwhile, income tax cuts due in April, windfall gains from building societies turning into banks and the release of funds from maturing Tessas are all leading to an increased sense of wellbeing. ...

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