Alex Massie chimes in,

Money quote:

the curious feature of British government policy is that the government has persuaded people that it is following one course when, in fact, it is following quite another. It is a rum confidence trick that, unfortunately, may only have succeeded in depressing confidence. It is true that the government may presently borrow at low rates but its ability to do so is constrained by the fact that the markets assume the government will borrow as little as possible. If Osborne were to change course on that front it seems probable that he would no longer be able to borrow at such low rates. That is, he can only take advantage of these low rates by promising to take as little advantage of them as he can get away with. Here too, as with so much else, his room for manoevre is depressingly limited.

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