Ahh, Ozzy economics. "The central part of that argument was that exports would take the place of the lost government spending, because budget cuts and relatively looser monetary policy would lower the value of the pound. "
As usual, a sound theory. I'm sure it looked great in economics lectures as school. But where is the demand for our exports? They were calling for this when the whole fan/shit interaction began, but didn't take into account the factors which don't necessarily fit into the neat graphs upon which neo-classical economics is based.
If I can work that out, I'm sure they can. I'd bloody hope so.
Also, basing fiscal policy on an obscure article by someone at a bank now belly up (I believe) doesn't strike me as the best thinking.
I still think Ozzy is a liability, both in political and proper economic terms. I don't think he knows what he's doing well enough to be the second in charge of the whole country and/or to have his hands on the economy.