Just because there is political consensus in favour of fiscal changes to fight the downturn does not mean it is wrong. But UK politicians must be clear that if they act, they do so in concert with other countries, that their efforts are big, temporary and well-targeted – and that they can explain convincingly how they intend to pay for them.

Increasingly, neither further rate cuts nor the automatic stabilisers seem enough to prevent a UK recession becoming a slump. The case for fiscal action is getting stronger. Although the opposition Conservatives show they understand the need for a plan to repair the public finances, their short-term proposals for dealing with the downturn are paltry. Should the government go ahead with a fiscal stimulus at the pre-Budget report, expected this month, it must do better.