Ian Dunt

That process, knock down the house.

Don't just replace the content.

Knock down the house.

I have Jacob Bernofsky to thank for that.

Pretty different.

Not hugely different.

We still had a Labour government at that period.

We had Gordon Brown, who, although he'd really signed up to the kind of Thatcherite orthodoxy in the years leading up to there, had still been educated in Keynesian economics.

He understood what a fiscal stimulus was, which is basically what you've just described.

You know, you've got a crisis of demand in the economy.

People don't want enough stuff.

You've got to stimulate demand by putting money, giving people jobs, building motorways, whatever they'll spend.

They'll buy sandwiches on the way to work.

You get economic activity just running again.

The animal spirits.

It's classic sort of Keynesianism.

He understood all that.

However, domestic political thought started to change because of a change in the Conservative Party at that time.

How so?

Well, up to 2008, the Conservative Party had promised to match Labour's spending plans.