“All this will do is raise Britain’s debt to a level that will take a whole generation to work off” says Peer Steinbrück, the German finance minister. He isn’t a conservative finance minister from Merkel’s CDU, he is a Social Democrat member of the coalition government.

UPDATE : Ed Balls lying on Sky this morning basically says Peer doesn’t really mean it and is only saying it because of “internal coalition politics”. Which makes absolutely no sense. Total Balls.