Gordon Brown is now hemmed in. Both the Chancellor
and the Governor of the Bank of England have now indicated that they would rather walk than go along with a full scorched earth policy. The Prime Minister must know that the resignation of either man would destroy him so we can be confident that Brown will not be able to wreak irreparable damage on the public finances before he leaves office.
There have been precious few pieces of good economic news recently. But the fact that there is now a check to Brown’s actions is deeply reassuring.
P.S. Sadly, there’ll be no chance for Brown to be questioned about King’s comments in the House because he’s dashing to New York ‘to save the world’ before heading to Chile for a leftist love-in. (It is Harman versus Hague at PMQs).