David has already blogged about George Osborne and Jeffrey Sach’s article in the FT this morning. But it’s worth returning to what is as clear and as unalloyed a statement of Tory policy on the public finances as you’ll have seen over the past few months.
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What I find most impressive about the article isn’t so much its loose, perhaps nebulous, prescriptions for the economy – although they’re sensible enough – but rather the way it acknowledges how some prominent academic and public figures hold a different view of things, and explains, in straightforward terms, why the Tories don’t agree with them. For instance:
“The financial models underpinning the two camps differ. Self-described Keynesians, including Paul Krugman, and Lords Layard and Skidelsky, see the financial markets as benignly ready to finance budget deficits, pointing to low market interest rates.
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