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The FT's Janan Ganesh describes the tax credit reversal as sending a message of weakness to those who opposes Tory cuts. "It will encourage every sectional public-sector interest group to try its luck". Meanwhile, Robert Shrimsley points out that Mr Osborne's "full-throated bellow of surrender" was followed by the shadow chancellor quoting Mao. He "must have been wondering what else he could have got away with".
See below for the FT's full coverage.