George Osborne wants to re-enact the mid-1990's Canadian fiscal consolidation - so do I...

George Osborne writes in today's Times that he has been studying the methods used by Canada in the mid-nineties to consolidate the economy. He's young, and perhaps doesn't understand how the Canadians got to such a state. Of course, a better memory and a stronger grasp of history does help. So, for the benefit of George Osborne, perhaps a refresher course might help.

First, just who was in Government in Ottawa between 1993 and 2000? Let me see, ah yes, Jean Chretien. You remember him, didn't like George W Bush very much, rode a bicycle, led the, on the tip of my tongue, yes, I remember, Liberal Party of Canada, sister party of the Liberal Democrats. Not the Conservatives, who were in opposition.

Second, why were the Liberals in power? Ah yes, the 1993 Canadian election, when the ruling Conservatives went from having a majority to being the opposition. Actually, to be accurate, they weren't the opposition because the Bloc Quebecois had more seats in Parliament than they did. As did the Reform Party... And the New Democrats... In fact they only retained two seats, lost their Party leader and were cast into the political darkness for the best part of a decade.

So I say to George Osborne, bring it on, young man. We'll run the country whilst you go away and write some policy. We won't wait up in anticipation...