There is no austerity equal to a balanced mind and there is no happiness equal to contentment there is no disease like covetousness and no virtue like mercy.

The TUC's new slogan 'a future that works' sets a profound challenge. Austerity and rapid deficit reduction is failing in its own terms but even at its best it is short-sighted muddle-through politics with no vision of a new economic model.

Past experience with fiscal austerity at home and overseas strongly suggests that it is best for the economy's long-run performance to restrain government spending rather than raise taxes.

Even in a time of fiscal austerity education is more than just an expense.