It is a conversion of a kind, from the man that up until recently was four square behind the government’s debt reduction plan. King acted as Hardy, to Osborne’s Laurel. And it was a fine mess that the two of them got the country into.
But in his first live interview for years, Sir Mervyn King acknowledged the weak pulse in the country’s economic body consequently more cutting would kill off any hope of recovery.
It doesn’t require a PhD to work out that if the economy is on the skids you don’t improve things by taking more money from people’s pockets to prevent them from spending on goods and services.
It’s the economy, stupid. And it’s health determines whether they’ve any chance at all of saving their political skins next election time.