
The fictions have begun…
The Prime Minister’s Spokesman has just given the lobby a briefing – and repeating what Darling briefed the Cabinet. I hope Chancellor started his presentation with the words “once upon a time” because what followed was demonstrable fiction. Here are the main points:- 1) All the countries in the world are facing problems 2) Britain is well-placed to withstand these problems. 3) Inflation is low 4) Debt is low, by historical and international standards are low 5) Economic growth is resilient. My response: 1) There is a global credit crunch, but Britain will be amongst the worst hit by it (see point 5) 2) We would be well-placed had a