Debt levels are not an issue, and Bailey should tell the Tories why

The Bank of England must be clear about its focus on jobs and growth - and that stimulus needn't spoil anyone's sleep

Tearing at the Tory party's fabric is the thought of spiralling government debt. The subject triggers a cold sweat in some of the most emotionally resilient Conservative backbench MPs, such is the distress it generates.

Much as the German centre-right parties have spent the past 90 years fearing a return of hyperinflation, their UK counterparts worry about paying the national mortgage bill, and the possibility it will one day engulf and sink the ship of state.

If the past decade has taught us anything, it's that the Bank has done too little to help the economy, not too much