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Page last updated at 06:32 GMT, Wednesday, 30 May 2012 07:32 UK

'You can't solve debt with more debt'


The American Nobel prize-winning economist Paul Krugman was at the LSE last night attacking in a lecture the British government for its austerity policy.

One of his opponents, the historian Niall Ferguson, argues "you can't solve a problem of extensive debt with more debt, which is what Krugman is arguing".

He told the Today programme that there's something the whole discussion on growth versus austerity in Britain "is irrelevant".

"The crisis is in Europe, Britain is on the road to recovery," he said.

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