Brown bets the farm
The Chancellor of the Exchequer’s Pre-Budget Report (PBR) was one of the most arresting political events of modern times. The Chancellor of the Exchequer’s Pre-Budget Report (PBR) was one of the most arresting political events of modern times. Alistair Darling’s delivery was as flat as ever, but what he had to say was truly dramatic: it amounted to a bonfire of the government’s own principles of fiscal management, and a colossal bet on the Treasury’s ability to issue undreamt-of volumes of government debt. His package of measures was predicated on a bafflingly confident forecast that the recession will be over by the third quarter of 2009, and growth will return