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The five must-read pieces from today, including what happens to the deficit if growth goes down.

1. Growth goes down, so what will happen to the deficit?

Having bet the farm on deficit reduction, every quarter the deficit fails to fall as much as he promised looks worse and worse for Osborne, says Alex Hern at Left Foot Forward.

2. A whole new (hard)ball game?

It's difficult to see how the Scottish independence question could fall foul of any reasonable interpretation of the law, says Wings over Scotland.

3. Europe gives Osborne the context he needs

Bad economic news will reinforce voters' tendency to stick close to nurse for fear of something worse, says the Spectator's James Forsyth.

4. Lords failed to improve the NHS Bill - we must step up the campaign

The only way to oppose the Bill now is extra-parliamentary, argues False Economy.

5. That "fair and transparent" Scottish referendum ballot paper in full

Finally, Political Scrapbook has an exclusive preview of the Scottish independence ballot paper.