If the Government fails to make cuts now it will be racked with gilts

Telegraph
"Why is it suddenly a good idea to spend our way out of recession and print money? The debate over the Bank of England's "quantitative easing" scheme – or QE – has been practically non-existent.Those benefiting from QE – and the associated recapitalisation of insolvent, failed banks by the back door – have instead endlessly repeated the mantra "we simply must beat imminent deflation". In that context, the June CPI number bears closer examination – because it has about as much to do with deflation as Gordon Brown does with fiscal prudence.The credit crunch has been in full swing since the summer of 2007. Yet June was the first month during that two-year period in which CPI inflation even fell below target, let alone risked going negative."