The job is not yet done on our deficit

Politicians feel the need to speak in slogans. Few can now resist saying that the "end of austerity" is nigh. Official figures to be published this week are likely to show that we have some leeway in meeting our goal of getting the budget deficit down to 3 per cent of GDP by 2015.

There are legitimate arguments about how any room for flexibility should be used. But to suggest that the job ...