After all the forecasts and speculation over the last six months or so it is now official – the UK is in a recession!
Thinking back over all the statements from the government I cannot be sure if they knew that their failure to regulate the banking and financial sector was actually going to have such serious repercussion!
Brown, in both roles as chancellour and prime minister, was very keen to talk about the ‘end of boom and bust‘. He presented himself almost as the ’saviour’ of the UK economy and I would have thought that the ’stable and successful’ UK economy was the main reason why Labour subsequently won two more elections.
Now we know that their actions have led to this current financial crisis!
The fact that a similar problem has occurred in other countries, notably the US, is not part of this debate. Yes, the American financial and banking systems have also had serious problems but the main blame for this is with the US financial and banking regulatory groups.
The UK government failed to control the actions of the banking and financial sectors within the UK and this has allowed the current financial mess to occur!
Why does anyone believe that someone getting something so badly wrong is actually the correct person to fix the problems that they caused? I don’t! In fact it makes them the wrong people to be sorting it out!
January 23, 2009 at 10:40 pm |
I was surprised this morning when I heard on the news that the government were going to announce that we were in recession. I thought we all knew that already.
How could Brown have not seen this coming? Did he learn nothing when he was chancellor?