As the IMF calls for  Plan B [2], everyone has got very excited that Nick Clegg has come out and said he thinks cutting spending on infrastructure went too fast [3] at the start – and maybe needs addressing. "It’s another coalition split" goes up the cry…

But it’s not you know. The change in strategy had already been announced [4]. It’s just everyone missed it.

As I said a few weeks ago [5], the mid-term review marked a shift in the coalition’s priorities. A seismic shift.

The original coalition agreement [6] made one thing very clear. Every pledge, every promise, every plan promised in the manifestos and the agreement itself, would be secondary to one basic principle – that being that

“The deficit reduction programme takes precedence over any of the measures in this agreement”

and I suspect most commentators think that is still the stated priority of the government. Quite a lot of Members of Parliament probably think that too

But it isn’t, you know.

It changed on 7 January. Now, the new coalition agreement or mid-term review says…

“Dealing with the deficit may have been our first task, but our most important task is to build a stronger, more balanced economy”

Which is quite a different thing.

It sounds like the goal now is investment. It’s growth. It’s a boost to the supply side of the economy.

Nick was just re-stating what’s already been announced.

Plan B.