The only economic advice the Tories need - cut spending

Telegraph
"If Cameron refuses to tackle government debt, the consequences for Britain will be disastrous,.....We spend roughly two-thirds of a trillion pounds a year in the public sector now. The annual deficit is conservatively estimated at £178 billion (we should prepare to believe that when we see it, by the way). Our total debt, including pension liabilities, is estimated at around £2.2 trillion. A cut of £1 billion is therefore not an economic policy. ...I know there is an institutional resistance in the party to understanding economics – the way they used to bandy about the idiotic phrase "market failure" proved that beyond doubt – but Messrs Cameron and Osborne need to get serious. Failure to cut our debt quickly will lead to the loss of our triple-A rating, the collapse of sterling and higher interest rates – much higher. Some yields on gilts at the long end are already 7 per cent. That really is à la Grecque. That in turn would lead to a choice between inflation or a collapse in the housing market, and companies being crushed by debt before they could get back off the ground again. As Labour found in 1976, if a government won't take the right course, in the end the markets will make it do so."