As Keynes may or may not have said, "When the facts change, I change my mind. What do you do?" Well, we know what George Osborne does. I will let the Chancellor and the Treasury speak for themselves:
Osborne said: "What you see today, in an uncertain global economic environment, is Britain growing, growing strongly, the strongest growth we have seen in this part of the year for a decade, and also our country's credit rating being secured. That is a big vote of confidence in the UK, and a vote of confidence in the coalition government's economic policies." Guardian, 26 October 2010.
"Fitch revised the outlook on the UK's rating to negative from stable...."this is a reminder of why it is essential Britain sticks to its plans to deal with its debts," a Treasury spokesman said..." Telegraph, 14 March 2012
George Osborne said: "The one thing that would make the situation even worse would be to abandon our credible plan and deliberately add more borrowing and even more debt.” Telegraph, April 25, 2012
[it] is no longer a science; for it broke the methodological rule that we must accept falsification, and it immunized itself against the most blatant refutations of its predictions. Ever since then, it can be described only as nonscience—as a metaphysical dream, if you like, married to a cruel reality.