But set against such spending are the extra pressures on public services from these overseas students, including health, recreation and the police.

BBC: Overseas students 'worth ?120m to Sheffield'

Billions of dollars were spent on technology initiatives irrelevant to overseas contingencies, while the equipment inventories of the military services were neglected until they became decrepit.

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Or to return where we started, everything - including the government's ability to avoid a serious financial crisis in the coming years - hinges on whether the BCC is right that an important recovery is underway in British overseas sales of goods and services.

BBC: It's trade or bust for Britain