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  All else has not failed Alexander. QE, incidentally, has ended but the consequences are yet to be paid for through inflation. There may be a further tranche of QE but I hope not as it is most damaging to those who are most vulnerable, pensioners particularly those on fixed incomes. A write down of debt owed by HMG to the Bank of England should not be ruled out as the damage has been done and it would make the headline figures look better...
  
  The only way to deal with the debt problem is first of all by the government getting its spending under control and cutting it to a level that is sustainable. Only once the deficit is eliminated can new borrowing stop and debt get repaid. Economic growth needs to take up some of that slack of course but that needs to be achieved through supply side reforms and tax cuts.
  
  We are paying for the years under Brown when the economy was only sustained by borrowing to fund his irresponsible spending sprees while encouraging everyone else to borrow as well.

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