Last night on Newsnight Mr Mandelson told us they wanted to take the stigma out of going to the IMF to borrow more.
That could be a very significant remark. It took place on the day that they announced the creation of $250 billion of Special Drawing Rights, available for IMF members.
It sounds to me as if the UK government has buttressed its wish to borrow and borrow not just by a policy of printing money at home, by also by a policy of gaining simple access to new liquidity abroad through the SDRs.
Labour remembers the dreadful pictures and publicity of its last visit to the IMF to bail out the UK after it had spent too much. This time round they intend to make it easier and to take the shame out of it. What a clever ruse. It still means more borrowing we have to pay back. Clearly there is no limit to how much they want to borrow. It’s always handy to have another credit card to flex.
The BBC said there was no Conservative available to put a point of view on the G20 on Newsnight. I was available and would have happily done so, but I guess they did want my kind of critique of it.