For the purposes of this column, we’ll ignore the old, and ever more sterile, debate over whether such apparent “austerity” in the public finances is the correct approach to the downturn. There remains a legitimate argument over timing but few would dispute that eventually something has to be done about the deficit. The Government cannot indefinitely keep borrowing to spend. The debate is over. The only remaining question is a political one over whether eradicating the deficit should be done through further increases to tax or via more spending cuts. Mr Osborne has unambiguously set out his stall in favour of the latter. Two cheers for that.