"With the amount of red ink in the UK budget deficit next year, together with the amount of new liabilities the taxpayer is having to underwrite, we look like Iceland-on-Thames. The open question is whether we can get through this without a loan from the IMF."
You might think that is a quote from a right wing blogger. Or George Osborne. Or John Redwood. It isn't. It was the lefty economist of choice, Will Hutton. It's the first thing he has ever said that I have agreed with.