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There is an alternative to a decade of difficult austerity.
These include high unemployment in the United States and difficult austerity measures in Europe, as countries tighten their belts to mend finances.
His telephone has been ringing with calls from foreign leaders urging him to carry out the politically difficult austerity measures that they say are necessary to restore the economy's health.
BBC News Channel chief political correspondent Norman Smith said many would be surprised by the scale of the pain ahead, with difficult austerity measures planned even after the next election and a big squeeze on living standards, with the OBR predicting no significant rise in disposable income before 2014 and a post-war record fall in incomes this year.
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Unlike the politically difficult fiscal austerity package needed to put a lid on runaway spending, printing up higher-denomination bank notes is basically free.
The task, he will say, has been made infinitely more difficult by austerity, which is why he joined the call for withdrawal of the exemption clauses at this point even though he understood and backed the case for innovation.
"This system reverts to keeping the show on the road, and any ideas about transformation or change are simply mothballed". In a blog co-authored with health economist John Appleby, she writes: "There is a difficult backdrop: austerity, increasing demand, rising expectations, and political uncertainty.
Life is difficult in austerity Britain and now, too, is death.
"British Gas, in these difficult times of austerity, do you have to hike prices when we are struggling?
Instead, she stuck to her line that the difficult path of austerity would pay off, rather than accepting that a change was needed.
Both there and in Greece, jumbled parliaments came together with urgency to install more technocratic governments that are committed to delivering the difficult reforms and austerity measures demanded by the European Union, the European Central Bank and the International Monetary Fund.
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