Having spoken at length on Conservative economic policy below and how we need a more cohesive and better communicated philosophy on how to achieve recovery and longer-term prosperity, it’s worth considering that the other parties don’t have a universally stable position on this either.
They may have St Vince of Twickenham in their ranks but the Lib Dems have been equally confused on the issue. A few short months ago in September last year, Nick Clegg announced to a somewhat bemused audience, who believed they had turned up to the Lib Dem conference, that “savage cuts” might be needed to safeguard important budgets.
Although that message was officially given support by the party at the time, Nick Clegg has increasingly turned away from that position to the point where, seven weeks out from the probably election – and the possibility of a hung parliament stronger than it was – he now won’t have anything to do with spending cuts.
Well, call me a cynic but either a) the Liberal Democrats have conducted a fairly direct U-turn on the biggest question of the election within the space of six months or b) they are changing their economic policy according to polling data. Neither inspires a great deal of confidence and I suspect the matter would be thrown into greater relief by the media were their prospects in the election better.
Getting us to a point where the deficit or borrowing requirement is neutralised so that we are not piling on more debt year-by-year is only a part of the problem. We also have a substantial standing national debt as well, which needs at some point to be paid back. That’s pretty long-term and the pain needed to achieve that is considerable. I’m not sure I want someone as changeable as Mr Clegg taking a tough decision like that, nor the PM, who got us into this position in the first place.
Nor, one might say, someone as inexperienced as George Osborne. But he has Ken Clarke and a good shadow Treasury team behind him and the strength to withstand the criticism that will surely be directed from the people who got us into this mess towards those attempting to get us out of it. I’m not convinced the others are prepared for the political cost.





