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About "our plan is working, we'll just carry on": Here's
Jonathan Porthes again:
Q3. Fiscal policy To what extent will George Osborne be able to keep "Plan A" in operation for another year? Should he?

What is Plan A?  Eliminating the structural budget deficit by the end of the Parliament? That was abandoned in 2011.  Reducing the debt-GDP ratio in 2015-16?  That went in the Autumn Statement.  Setting DEL spending targets but allowing the "automatic stabilisers" which the Chancellor once described as a "key part of the flexibility built in to our plan" to function?  The Autumn Statement dropped them too. So there is no "Plan A" anymore; the UK no longer has a credible medium-term fiscal framework, and it would be sensible for the government to consult on a more credible replacement.

So they are not actually "staying the course" as far as keeping to any kind of plan. They may pretend they are, and the goal is of course the same.

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sapere aude

by Number 6 on Thu Jan 31st, 2013 at 07:08:59 AM EST
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