Wednesday, January 6, 2010
Don’t mention the war – or the debt!
"The Government's refusal to cut debt more aggressively is as bad as the failure to combat Nazi Germany before the Second World War, a former minister claimed last night. Frank Field said the Government was living in 'cloud cuckoo land' and adding to the illusion that all is well by printing money to buy up its own debt". Mr Field made his extraordinary attack during a Commons debate on the Government's fiscal responsibility bill, which makes it legally binding for ministers to halve the size of the deficit within four years. He said it would have little effect when City firms are threatening to downgrade the Government's credit rating.