Plan B is the wrong rhetoric, but the Treasury must spell out a strategic vision for the UK’s economic growth

Britain’s sluggish growth and combination of high inflation and unemployment are squeezing confidence in the coalition government’s economic policies. While the latest IMF report appears to endorse George Osborne’s tight public spending approach, Timothy Besley writes that the Treasury must be more than just the guardian of fiscal probity. Setting out a realistic pathway for renewed economic growth is consistent with achieving lowered deficits.