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The arguments between the political parties about spending cuts to meet the budget deficit have an air of unreality, given that few politicians are prepared actually to specify those projects they would be willing to sacrifice - Trident and ID cards apart.
The Prime Minister has only just managed to articulate the word "cuts" but behind the scenes there is some hard thinking about what public-sector projects may be sacrificed.
The worrying implication for London is that progress on Crossrail, the long-awaited east-west rail link between Heathrow and Stratford, may be one of them.
According to The Guardian newspaper, the permanent secretary to the Department for Transport, Robert Devereux, has suggested to an industry conference that capital spending on transport will be flat for the foreseeable future and will no longer include a 1.25 per cent annual increase.
What this means is that spending may be curtailed to £7.4 billion a year. Work on Crossrail is one possible casualty; there are others, including the upgrade of the Tube and the cap on rail fares of inflation plus one per cent.
Of course, work on Crossrail has already begun at Canary Wharf, but the real construction effort will start in earnest only in 2010.
It is a matter of real concern that David Cameron, the Tory leader, has refused to give any reassurance that work on Crossrail will continue.
But while the fruits of capital spending are evident only in the long-term, politics looks as far as the next election.
It may be why the parties are promising to ring-fence health spending - where savings could be made - at the expense of transport.
Crossrail is an investment in the future of the capital. It is a necessary response to the massive increase in population in the south-east, not least as a consequence of the liberal immigration policies of the past decade.
Without it, the pressure on the Underground and other rail services will be intolerable.
Business, which relies on a decent transport infrastructure, will pay a price for the greater congestion and delays which will result if Crossrail is not approved - that is why firms have agreed to an increase in the business rate to help pay for it.
Delay will inevitably lead to further cost increases. When the east-west rail link was first approved by Mrs Thatcher's government in 1989, the cost was £900 million; it is now £16 billion.
Short-termism in large-scale capital investment is always costly in the long run. This paper's support of Crossrail is not at the expense of other areas, such as the necessary upgrades for the Tube.
But a commitment that Crossrail will go ahead is the least Londoners require from politicians seeking their support.
Posturing Straw
It is obviously desirable that prisoners seeking parole should express remorse for their crimes.
But for Jack Straw, the Justice Secretary, to deny parole to the Great Train Robber, Ronnie Biggs, 79, because he is "wholly unrepentant" is baffling.
The Parole Board says Mr Biggs is not a threat to the public - something that should be apparent from his frail health. If he were released, it would be from prison into a London care home.
Our prisons are overcrowded; people who are actually a threat to the public should be occupying Mr Biggs's space.
Given present scandals about the probation service and the fact that many offenders are released after serving half their time, Mr Straw's ruling on Mr Biggs seems like a distraction from the real problems. This show of toughness is muddle-headed; he should think again.
The people's plinth
The empty plinth in Trafalgar Square will, from Monday, be filled with ordinary people on display for an hour at a time.
Today, we publish an interview with one of the 2,400 volunteers in Antony Gormley's project.
This is an opportunity for ordinary folk, exhibitionists and art-lovers to have their moment of fame. The empty spot in Trafalgar Square is, truly, the people's plinth.
