Does the Government think we're all doomed?
Peter Hoskin 4:08pm
There's a doom-laden air around Westminster today, neatly captured by Fraser's post earlier. Will the fresh injection of £billions of taxpayers' cash do anything to help? Few have any hope, let alone certainty, that it will - and that includes the Government. Gone is the "we've saved the banking system" bravado of a few weeks ago, to be replaced today by statements on rising unemployment and - as the Standard's Paul Waugh blogged earlier - warnings that "global economic downturn [has been] intensifying in the past two months". Sadly, green shoots are there none.
Perhaps Brown & Co. are starting to wake up to the lose-lose situation they're in during the run-up to March's Budget. Either they tell the truth about how bad things are - in which case, we get a horrowshow Budget; full of downgraded tax receipts, dreary growth forecasts, and borrowing figures so high that - as today - an increase in national debt by £50 billion warrants little more than a footnote. Or they paper over the cracks, as they did with the PBR, and face even louder accusations that they're being either too scheming or too optimistic. Either way, there's not much room for political advantage - whatever Peter Mandelson might be able to conjure up.
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Cheekymonkey
January 19th, 2009 4:40pm Report this commentWhy is it that the unemployment figures show such a time lag? At the end of December we were given the position for the August to October period. On that basis this week's figures will relate to the Sept to Nov period. Is this some kind of cunning plan by the Government to prevent the real figures from coming out until after they have had an election?
TrevorsDen
January 19th, 2009 4:44pm Report this commentThe PBR is exposed as just a holding exercise to keep open the prospect of an election based on a false prospectus.
If you want to be charitable it just showed the government to be clueless or in some kind of psychotic denial or both.
If the markets smell either of these options then Browns carefully constricted Titanic is heading for the bottom.
What must really worry Brown is if his backbenchers finally wake up from their coma.
oldtimer
January 19th, 2009 4:50pm Report this commentWith RBS bobbing around at c12p a share - down c96% over the past year - it is no surprise the mood is gloomy. The latest Brown/Darling announcements merely served to send the market in bank shares sharply down.
As for who is doomed, well this government is certainly doomed. Trouble is, their lousy decisions are dragging the rest of us down with them.
HuffDuff
January 19th, 2009 5:23pm Report this commentSurely the question is :
‘Does the Government think?’
William Blake's Ghost
January 19th, 2009 5:31pm Report this commentThe Labour definition of a 'doomed' country is a Conservative Government in power and half the Labour Parliamentary Party receiving their P45's. Of course they think the country's doomed!
Rob C
January 19th, 2009 6:02pm Report this commentThe country isn't YET doomed, but NuLabour IS! Much of the current problem is about confidence and most people who I speak to agree - that won't change until the government does. So come on Gutless Clown - bring it on! I'll certainly be early at the polling station to add my signature to your P45! The sacrifice of a few NuLab MPs would save thousands of jobs, so if you REALLY want to help, call an election - NOW!
seb
January 19th, 2009 6:07pm Report this commentYes, but only if any of its members are awake. Is it possible to tell?
Wight Tory
January 19th, 2009 6:26pm Report this commentIts a shame the tories don't do revolts, for surely if ever these a time to be revolting now is it, the hidious goverment have another 15 months to screw the country, thankfuk Gideon's 2007 conference speech the country from another 4 years of the same.
Hysteria
January 19th, 2009 7:04pm Report this commentby the way - note to Spectator - who selects the photos you use in the CH - this one is another classic !!!!
Moxon
January 20th, 2009 1:19am Report this commentI wonder whether it's coming to this: no matter what the policy, if we think we are DOOMED, then we shall be; and if we think we are not DOOMED, then we won't be.
Boot-strap confidence, in other words.
Ken
January 20th, 2009 10:13am Report this commentThere were plenty of warnings from 2003-4 onwards about the danger of Brown's property and credit-fuelled bubble. Of course it pleased him to inflate this because it helped his revenues. Brown broke up the financial services regulation system in 1997 and replaced it with convulution. Result? Northern Crock. So Brown its time to stop wasting taxpayer money and admit your faults. Nationalise dodgy banks, force them to unveil and value their toxic assets, bring in exemplary punishment (Nuremberg II) for miscreants in their managements who failed to exercise proper oversight and confiscate their past 4 years of bonuses and pensions to help mitigate taxpayer pain.
Lez S
January 20th, 2009 10:16am Report this commentIt really makes me angry the way the Government is pumping money into banks because of their bad investments. Over the years they have turned in MASSIVE profits, which their shareholders have reaped. It is to them the banks should be looking to for financial assistance. After all, the gov would'nt bail US out for making bad investments.
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