How to bounce back?

摘要

Oh dear [chancellor] Mr George Os-borne. Those GDP figures were not what you were looking for. And nor were your party troops - let alone the coalitionist Liberal Democrats. The whole of the Government's strategy on the economy rests on the idea that if you cut public spending and the deficit, private sector activity will fill the gap. That is a theory ardently believed in by many Tories, who look back fondly to the harsh 1981 Budget which they think set the scene for the growth later in that decade, despite being denounced at the time by 364 of Britain's academic economic establishment But what Mr Osborne probably knows, but many of his followers do not, is that it is never that straightforward.