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Since the Conservative and Liberal Democrat coalition took power six weeks ago, right wing think tanks have been demanding huge cuts in government spending that are breathtaking in their ruthlessness and extraordinary to behold. It was, however, something else to see the Chancellor today confirm the most savage round of cuts that anyone has ever attempted to impose on the UK economy.

This new Compass report by Rebecca Hickman, In pursuit of egalitarianism: and why social mobility cannot get us there, offers a strong critique of the concept of social mobility. A riposte to Alan Milburn's recent work on social mobility and to New Labour's continuing confusion of aspiration with acquisition, the report highlights how large inequalities harm us all and corrode the social fabric.

There's been a lot of discussion about the need for public sector cuts. Give or take the public sector employs about 5 million people. If, as is demanded, there should be public sector cuts of 10% then maybe 500,000 people will lose their jobs.