Wednesday, Oct 24, 2007
More realisation of what Gordon Brown has done to our economy
MoneyWeek: The truth behind the British economic miracle
It’s nice to see that someone else recognises that the Brown economic miracle has been nothing of the kind...The German authors of a new report into Britain’s economic ‘miracle’ described themselves as “disturbed” by the state of the British economy... They point out that even as the rest of Europe is trying to cut taxes, the UK is “relapsing into high tax and high-regulation sclerosis,”... This backwards slide has only been masked by the housing boom, which has in turn fuelled a debt binge, leaving UK consumers with no savings (compared to an 8.3% savings rate in 1992), and personal debt of £1,343bn, which is higher than annual GDP for the first time ever... "The UK is now in worse fiscal shape than almost any other major Western country.”
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