"While there is debate about whether a large deficit today provides economic stimulus, there is no economic theory or evidence that shows that deficits in five or 10 years will help to get us out of this recession. Such thinking is irresponsible. If you believe deficits are good in bad times, then the responsible policy is to try to balance the budget in good times. The CBO projects that the economy will be back to delivering on its potential growth by 2014. A responsible budget would lay out proposals for balancing the budget by then rather than aim for trillion-dollar deficits."
Taylor's point also applies over here. By the Treasury's own (optimistic?) forecasts, we'll still be running a budget deficit of 5.5 percent of GDP in 2014. Going off their current plans, that deficit would be similiar under the Tories. So unless the next government undertakes bolder fiscal consolidation than is currently being mooted, we may again be lamenting a failure to "fix the roof while the sun was shining."