But resisting the temptation to add further to our debts is very hard for politicians. They face immense pressure to promise as much as they can to keep their jobs, regardless of how realistic those promises are. Equally, Parliament has the power to debate any government Budget. But all political parties in the House of Commons would also like to form part of the government in future, and they unfortunately face the same short-term incentives.
We want to break through the deadlock, to enshrine the principle of balancing the books in our electoral system.