“When we faced similar problems in recent years”, Mr Cameron said yesterday in reference to economic stagnation across the Channel, “too many politicians offered easy answers, thinking we could spend, borrow and tax our way to prosperity. Those were the wrong answers then; they are the wrong answers now. We are not going to repeat the mistakes of the past”.
Fair enough, except that relative to the Continent, Britain is indeed still attempting to borrow and spend its way out of trouble.
Despite supposed austerity, Britain will take first prize with Spain this year for the largest budget deficit in the European Union.
At a forecast 5.5pc of GDP, it will be nearly double that of the eurozone as a whole.
Our current account deficit – the difference between what we import and export – will also be far and away the biggest in Europe.
Jeremy Warner, Telegraph, 18 Nov 2014