I've been unimpressed with much Conservative policy during the economic crisis (see here and here), but I think their decision to give (grudging) backing to the Bank of England's decision to commence quantitative easing merits respect.
Politically, it would be very easy for the shadow chancellor George Osborne to adopt the line that Iain Martin of The Telegraph urges on them here. Opposing QE would resonate with a public conditioned by decades of economic history to regard inflation as a far bigger threat than deflation. And, as Martin, points out, if the monetary easing does work, the electorate would be unlikely to punish the Tories at the polls for having got it wrong.
But such a stance would also fly in the face of a solid consensus of professional - and independent - economists that such extraordinary action is necessary to curb a very real threat of destructive deflation. The Tories have put the national good above short-term political advantage. Good for them.