I remember writing in the 1970s about the possibility of a gilt edged strike: the risk that the markets would refuse to buy government debt or at least in the quantities that was needed. Now that is back as a real risk given the huge amounts of government debt that have to be serviced. Even a small increase in the cost of government debt would have a big impact on the deficit.
However, if one started to cut two deeply and too quickly, one might produce a 'W' shaped recession. No great surprise then that economists (once again) are divided down the middle about what should be done: The economy
I tend the share the view of the CBI's chief economist: it is not the starting point that matters so much as the medium-term credibility of the plan.
This article also argues that what Britain needs is not shock therapy but a credible five year plan: Therapy
The risk is that a new Conservative Government would seek to hit the ground running by making deep cuts; the resultant rise in unemployment would hit the recovery; and the Government would become unpopular on two fronts - reduced public services and poor economic performance. Some of this could no doubt be blamed on Labour, but that alibi would wear thin after a while.
Realistically, the Conservatives expect to be unpopular and feel that they can ride out the storm until the sunlit uplands are reached. Maybe, but it will require good timing and great political skill.