It was amazingly exciting work for people - a strange mixture of social engineering and macro-economic policy - and it was a topic in which Britain led the world.

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That could make a difference to macro-economic policy.

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Read back that list of coalition disagreements and it reminds you that they were issues on the margins of most voters' concerns whereas there is a surprising degree of cross party agreement on macro-economic policy, welfare cuts and schools reform let alone the proposals the two men will highlight today - be it childcare subsidies, pension reform or road tolls.

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At the national macro-economic or policy level, having higher levels of employment and lower levels of unemployment are highly desirable.

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Now the reason Morgan Stanley has been taking a keen interest in all of this is because of the noises coming out of the Financial Policy Committee - the new macro regulatory arm of the Bank of England currently working in an informal capacity but soon to have statutory powers - that the capital banks hold against mortgages is too low.

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The inspector general would function on a macro level weighing in on policy, while the court monitor would enforce nuts-and-bolts changes related to the stop-and-frisk policy.

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The score on macroeconomic policy is roughly level-pegging: Labour has succeeded in neutralising macro management as an election issue.

ECONOMIST: Britain’s healthy economy | The

It's in effect a demand for the new macro-prudential regulator being created by the Treasury which will sit within the Bank of England - the Financial Policy Committee, of which Lord Turner is a member - to have important and unprecedented new powers to determine credit creation by banks and to determine the distribution of credit.

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