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Realistbear

Institute For Fiscal Studies: Brown Near I M F Bailout Territory

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http://www.bloomberg.com/apps/news?pid=206...id=anHOHplXHCLo

Sept. 17 (Bloomberg) -- Prime Minister Gordon Brown’s government may have to cut spending at the sharpest pace since Britain negotiated its finances with the International Monetary Fund in 1976, the Institute for Fiscal Studies said.

http://www.bloomberg.com/apps/news?pid=206...id=aN1QyFidJWxA

Standard & Poor’s in May lowered its outlook on the U.K. to “negative†from “stable†and said it faces a one-in-three chance of a ratings cut as debt approaches 100 percent of gross domestic product.

Fragile Recovery

The pound traded near its lowest since May as a report yesterday showed the jobless rate in the U.K. rose to the highest since 1995. BOE Governor Mervyn King said Sept. 15 policy makers may cut the rate paid to hold reserves at the central bank.

We are a looooooooooooong way from seeing green shoots around here. Had a conveersation with a friend who needs to sell her house and wondered what I thought. I said do it now as the window of false optimism will close within weeks.

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http://www.bloomberg.com/apps/news?pid=206...id=anHOHplXHCLo

Sept. 17 (Bloomberg) -- Prime Minister Gordon Brown’s government may have to cut spending at the sharpest pace since Britain negotiated its finances with the International Monetary Fund in 1976, the Institute for Fiscal Studies said.

http://www.bloomberg.com/apps/news?pid=206...id=aN1QyFidJWxA

Standard & Poor’s in May lowered its outlook on the U.K. to “negative†from “stable†and said it faces a one-in-three chance of a ratings cut as debt approaches 100 percent of gross domestic product.

Fragile Recovery

The pound traded near its lowest since May as a report yesterday showed the jobless rate in the U.K. rose to the highest since 1995. BOE Governor Mervyn King said Sept. 15 policy makers may cut the rate paid to hold reserves at the central bank.

We are a looooooooooooong way from seeing green shoots around here. Had a conveersation with a friend who needs to sell her house and wondered what I thought. I said do it now as the window of false optimism will close within weeks.

I thought things were close to crisis too and this may explain why GB has suddenly stopped talking about "investing" (AKA spending or wasting) and announced cuts. Other possibility was that the leaked Treasury paper was about to expose him as a liar and it was an attempt to reduce the damage.

It would not look good if GB carried on talking about borrowing to invest because it is the right thing to do for hard working families while at the same time the IMF is rewriting his spending plans.

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Other possibility was that the leaked Treasury paper was about to expose him as a liar and it was an attempt to reduce the damage.

The timing of his change seems very suspicious I wonder if he got tipped off about the leak?

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The timing of his change seems very suspicious I wonder if he got tipped off about the leak?

Nah if he'd been tipped off, he would have just admitted that politicians are allowed to change their minds.

1 week ago, investing in the future was the RIGHT THING TO DO. Recently, we've been told the country is f*cked. So, we're slashing and burning what we can to preserve our pensions.

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The timing of his change seems very suspicious I wonder if he got tipped off about the leak?

Of course he would have known the truth was out. At the very least the media would have contacted him to get a comment before going public

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