•The term 'paradigm' could have been coined to describe the increasingly obdurate defence by the Government of an economic orthodoxy that is collapsing in this country, as well as across the eurozone.
The tragedy is that while the Coalition inherited this malign paradigm, it has itself thrown up the ramparts around it. In its recent budgetary dispositions, it is exacerbating the present and future consequences of this 'mindset'.
It is cutting the ground from underneath the economy and its capacity to recover, even over the medium term. We continue to fixate on reducing debt without understanding that this is only sustainable against a dynamic of increasing gross domestic product.