George Osborne has won the endorsement of Jeffrey Sachs, the director of Columbia Universities Earth Institute. The world renowned economist has signed a joint op-ed in tomorrow’s Financial Times with the shadow chancellor.

Here are come of the key excerpts:

“Virtually all policy analysts agree that the path to renewed prosperity in Europe and the US depends on a credible plan to re-establish sound public finances. Without such a plan, the travails which have hit Greece and which are threatening Portugal and Spain will soon enough threaten the UK, US, and other deficit-ridden countries. In the recent duel of macroeconomists, one camp has called for early budget consolidation, followed by further measures over five years. We agree. Others want more fiscal stimulus, delaying deficit reduction. We believe delaying the start of deficit reduction would put long-term recovery at risk. Such an approach misjudges politics, financial markets, and underlying economic realities.”

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