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. Mr Brown has guaranteed spending only on health and education, which implies serious pain everywhere else.
Politically difficult in any circumstances, the boggling billions directed to the banks makes this even harder to sell to the voters. Every time a cut falls, the cry will go up: you could find £500bn for the banks, but you can’t find £10m for my cherished public service.
Even if voters do credit him with firefighting the financial inferno, they may also regard Gordon Brown as one of the people responsible for lighting the blaze.
Get Britain's best politics newsletters
Register to get The Spectator's insight and opinion straight to your inbox. You can then read two free articles each week.
Already a subscriber? Log in
Comments
Join the debate for just £1 a month
Be part of the conversation with other Spectator readers by getting your first three months for £3.
UNLOCK ACCESS Just £1 a monthAlready a subscriber? Log in