Fuck the article (it's ok, a 5 pinter maybe)
But this comment is what it's all about:
"1) Markets will react to changes in fundamentals (assuming they are at least in part functional). therefore they will react to the size of the deficit in comparison to the future earning potential of the government. A deficit can be reduced by cutting spending or increasing tax receipts (which is not necessarily the same as increase tax rates). Increased tax receipts will result from growth. the argument should therefore be about how best to return the economy to robust growth - compounded growth rates will drown out everything if allowed to 'run'.
2) is having policy in a democratic country dictated by the whims of financial markets and the personal prejudices of the bosses of credit ratings agencies preferable to a run on Sterling? this is a question which must be addressed before huge decisions are made which will influence the future direction of the country."