Tuesday, January 22, 2008

The Sick Man of Europe?

Public borrowing smashes forecasts to hit record high

Whilst re-run after re-run of statements about the stability of the UK economic miracle are being delivered by Gordon Brown and senior members of his cabinet the question must be asked, "why has public borrowing soared to record levels if the economy has been and is still in such great shape?" According to the Office for National Statistics (ONS) net public sector borrowing hit an all-time record in December of £7.8bn Trevor Williams, the chief economist at Lloyds TSB corporate markets highlighted the concern with the figures stating that, "The numbers mean that fiscal policy is no longer an effective tool to deal with a weaker economy and we are only left with monetary policy and the Bank of England."

Posted by denzil @ 12:04 PM (473 views)
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