Sunday, December 14, 2008

Major talks some sense

Ministers 'over-cooking' downturn

Sir John said: "If we continue borrowing like this, the world will be coming out of recession and we will have a huge amount of borrowing that will force up interest rates. "In three years' time, as the world comes out of recession, in the United Kingdom we will have higher interest rates, we will have higher national insurance contributions because the government have already implemented that, and we will have higher taxes."

Posted by phdinbubbles @ 12:30 PM (829 views)
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4 thoughts on “Major talks some sense

  • Interesting how the BBC implies the recession lasted from 1990 to 1997, just in time for New Labour to rescue us!

    Yvette Cooper, during the same interview, said it was “the worst financial crisis that the world had ever faced”, talk about hyperbole.

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  • Nice post, thanks.

    John Major is implying that there is an element of Shock Doctrine to the way in which Brown is using the ‘crisis’ to further his own agenda.

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  • Dead right. Spot on. The costs of borrowing will be pushed up, which will naturally push the costs of housing down. The best way through would have been to find the bottom quickly, and the UK didn’t do that.

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