James Forsyth James Forsyth

The banker precedent

By rescuing the banks, Brown has illustrated that—in extremis—the government can find the money to do things. As Andrew Rawnsley argues in The Observer this is going to be a problem for Brown in the coming months:

“ballooning government debt points to a severe squeeze on services. Whitehall is already anticipating the bloodiest spending negotiations for a generation.

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