I doubt that the cuts have very much to do with the economy: if they did they would have been more plausible and less risky. It is very unlikely that Osborne, if asked, could give any economic rationale for them. Nor could the Conservative MPs who cheered and waved their order papers when he had finished telling them that everything was going to be made significantly worse. The importance of the cuts is not economic but political and ideological. First, they restore an apparently coherent, specifically Conservative and politically useful identity to the Conservative Party, distinguishing it from Labour. For the last 20 years or so the Tories have not had such an identity. They tried a traditional law-and-order Toryism for a few years, but the electorate found it unattractive. Then under Cameron they committed themselves to a form of New Labourism, a commitment that ended willy-nilly with the financial crisis. And, unlike Brown, who did eventually devise a fairly ordered response to that crisis, the Conservatives were all at sea. Neither Cameron nor Osborne came out of it with an enhanced reputation. But the ‘deficit’ gave them an opportunity; and the bigger the cuts the bigger the opportunity.