Sunday, Dec 14, 2008
Brown's economic plans are not working
Guardian: Pound slips below euro on Britain's high streets
The government is facing a growing backlash over its rescue package for the economy after the pound slumped in value. Tories and Lib Dems laid the blame for the pound's collapse at the door of Brown. Philip Hammond, shadow Chief Secretary to the Treasury, said the Brown's decision in the pre-Budget report to let borrowing soar had severely damaged - rather than boosted economic confidence. Vince Cable, the Lib DemTreasury spokesman, said that while the immediate cause of sterling's fall had been the rapid drop in interest rates and the expectation they would drop further the reason the cuts had been necessary was the result of the government's failure. 'Behind it all is a sense that we are a weak economy with a much bigger housing bubble than other countries".
2 Comments
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1. sneaker said...
The market always finds people out.
In this case, the market is just restating the old maxim that Labour administrations ALWAYS end with the government fighting the market, in a Canute-like attempt to force the world to fit their theories.
You can argue and shout and complain and claim to save the world, as much as you like, but the market's verdict is plain for all to see.
2. Earthstick said...
"Both Tories and Liberal Democrats are determined to maintain the pressure on Brown, following his slip of the tongue at Prime Minister's Questions in the Commons last Wednesday in which he claimed to have 'saved the world' from economic collapse."
I am serious when I say I think Brown has some kind of psychological disorder. Delusions of grandeur. I think some should call for an analysis and possible hospitalisation.