Just how much do we have to pay, Mr Darling?
Peter Hoskin 5:11pm
After the events of the past week, the Pre-Budget Report seems more than only six days old. But six days old it is, and already Alistair Darling is suggesting that the much-vaunted "fiscal stimulus" may need to be supplemented in the near-future. In his interview in today's Observer, the Chancellor admits that "we're almost certainly going to be doing additional things".
Of course, you could say that this isn't a surprise; that the Government has to respond continuously to the changing circumstances of the downturn. But, to my mind, this just raises more questions about how effective the Government's spendthrift approach is, and whether it's worth the increased borrowing and increased taxation that lie in wait for us. And what, now, of those borrowing figures? They're already high enough, but - given Darling's optimistic forecasts and the potential for spending on top of spending on top of spending - they could go stratospheric.
Previous
Short the UK
November 30th, 2008 6:03pm Report this commentHere are links to the latest analysis from the two hottest guys on the Financial Crisis. Nouriel Roubini and Satyajit Das:
http://www.alternet.org/workplace/108958/radical_solutions_for_a_crazy_economic_crisis/?page=entire
http://www.eurointelligence.com/article.581+M5dd9572d37c.0.html
The picture they paint is bleak and teutonic in scale.
Darling must realise he is taking UK plc toward bankruptcy. His deluded boss has not seen the light yet.
The mainstream media pathetically still expect a mild recession.
It must have been like this on the Titanic.
Nicholas
November 30th, 2008 6:58pm Report this commentThe seven last words of Brown:
"Making it up as we go along"
Tankus
November 30th, 2008 7:04pm Report this commentI'm 46 ...I think I will have to work untill I die ..
If I can keep a job that is !
My future has already been spent !
mitch
November 30th, 2008 7:21pm Report this commentuseless! it was an excuse to raise taxes while taking about cuts.
Pathetic Budget Rehash.This has browns grimy fingers all over it.
mitch
November 30th, 2008 7:48pm Report this comment"My future has already been spent !"
its an inspiring thought that every penny I pay in tax from now till I die will be used to pay interest on browns reckless lending.It really makes you want to work.
Dan
November 30th, 2008 9:35pm Report this commentThe political effect of the PBR for Labour has been poor, so we can rest assured that these utter incompetents will want another go, regardless of the catastrophic effect on the nation's finances.
Gordon Musgo
December 1st, 2008 10:04am Report this commentThe question here is who in the treasury or No 10 ever thought the PBR would solve anything (other than to get the debt figures in the open) or indeed be perceived as solving anything. The whole exercise seems to have been a typical new labour way to get through the preceding week. It's inconceivable to me that the VAT cut was imagined by anybody, much less financial experts, as liable to stimulate the economy. We all know what you do when your income is fixed and your outgoings are too high. You cut back. It's time to make massive structural reductions in spending.
Ian C
December 1st, 2008 11:38am Report this commentShort the UK,
Those two articles confirm Darling's PBR optimism as a complete joke, if not trick upon us all!
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