Time for Augustinian virtue

St Augustine said: “Lord, make me chaste, but not yet”. The UK needs a similar fiscal motto: “Make me balance my budget, but not yet.” The government has rightly taken measures to stimulate the economy and bail out banks. There is a big risk in allowing a recession to turn into a slump. But, equally, there are huge risks in letting the government’s own finances deteriorate. Indeed, the UK is gaining a reputation as a profligate nation that doesn’t care about how it will find the money to pay for...