U.K. Conservatives Come Up Short in Austerity Experiment

March 21 (Bloomberg) -- Since 2010 Britain has been alaboratory for an important experiment in economic policy. Thequestion: When economies slump and public borrowing soars, canfiscal restraint speed the recovery? Preliminary findings: No,and whatever made you think it could?

The unemployed weren’t asked whether it was all right withthem, but Britain was a good place for the experiment. For astart, its government actually controls fiscal policy. OnWednesday, Finance Minister George Osborne will set out his newbudget in the House of Commons and, strange as it seems inWashington, that will be that. Osborne won’t call for Parliamentto change tax rates or urge it (perhaps seriously, perhaps not)to do one thing or another. He will set policy, period.