From the Page: "Both ministers agree on essentials. They accept the Treasury and Bank of England view that the level of demand in the British economy is about right to contain inflation and nothing else really matters, not even stagnation and recession. The only difference between them is whether a little stardust might be in order from a handful of high-profile building projects 窶" some roads, houses, power stations 窶" guaranteed against future borrowing. It is roughly the same policy as advocated by Labour's Ed Balls. Demand is bad, infrastructure good.
As a result there are not just two policies but two British economies now running in parallel. One is doing just fine. The stock market is back to its highest level since before the crash in 2008. Banks and their executives are returning to prosperity. This has nothing to do with the economy but with the microeconomy of quantitative easing. QE has given ﾂ｣375bn to the banks, who have used it to refinance government debt and inflate the stock market."