Friday, October 24, 2008

Buddy, can you spare a rouble?

Ruth Lea writing on Centre Right asks the question: "Does the Prime Minister really think he can spend his way out of recession?"

"....when it comes to the management of the domestic economy, our Prime Minister has been no hero. He has been wilfully spend-thrift with the nation’s finances. Public borrowing may be as high as £65bn this financial year (compared with the budget forecast of £43bn) and up to £100bn next year (compared with a forecast of £38bn). These are huge sums and we can only hope that overseas investors are still prepared to buy British Government debt in large tranches. Mr Brown really should not push ahead and try to spend his way out of recession. It would be highly costly and irresponsible. And hasn’t he wasted enough money already?"

Same Old Labour, same old boom and bust.