I would be surprised if there is much disagreement from the panel on this question. If there IS disagreement, I would be keen to understand the reasoning from dissenters that leads from government mandated wage increases to persistent increases in the quantity and/or quality of the goods and services produced by the UK economy on an ongoing basis — my preferred definition of productivity. A one-off increase in measured productivity — as a result of additional effort — is a possibility but not a possibility that I give much credence to. And to those arguing otherwise I would add — I have a bridge to sell you.

Keeping the primary deficit under control is the most important component of a sound fiscal policy. It also matters whether deficits are used to fund public capital, which has the potential to pay for itself, as opposed to government consumption, which does not. I am not concerned about the level of debt, as long as the debt to gap ration remains within reasonable bounds.