Sunday, December 4, 2011

George Osborne's U-turn

George Osborne has turned Keynesian:

"We need to put to work the many billions of pounds that British people save in British pension funds, and get those savings invested in British projects. You could call it British savings for British jobs," he said in the autumn statement, adding that the government was exploring guarantees and ways of letting city mayors borrow against future tax receipts in an echo of the vast municipally funded works that built Britain's water, sewerage and road network in the Victorian era, as well as hospitals and schools"

Exactly how is that different to the deficit spending that the government refuses to contemplate?