Bank of England Governor Mervyn King says the recovery for the UK economy is “Highly Uncertain”
Gordon Brown and Alastair Darling say that the economy will come out of recession at the end of the year, which leaves the question of who to believe? The Man Who Saved The World or Mervyn King who has been consistently correct on the economy.
Giving today’s Inflation report Mr King said “the economy can’t be repaired in a few quarters” and he carried on in somber mood:”bank lending will remain weak over the next three years” and the economic output would take years to return to previous levels.
Output fell by 0.4% between July and September, catching everyone off guard including our two Labour financial geniuses.
The outlook for inflation is unsure with a likely spike to 3% in the first quarter of 2010 as VAT increases to 17.5%.
My King also had a warning about the massive level of Public debt and the urgent need to address it.
Brown and his government’s answer is to continue spending irrespective.
Brown was a dead loss as Chancellor in the pseudo good times of his credit fuelled boom, as managers of a broken economy Darling and Brown are quite simply not fit for purpose
By Tory Aardvark
Is there such as thing as a good day for the Prime Mentalist anymore? If indeed such a thing still exists then Thursday 29th October 2009 certainly is not a good day.
Firstly the news from the USA that their economy is out of recession and like Germany, Obama’s fiscal stimulus package includes Tax Cuts not endless tax rises disguised as Green measures or blatant politics of envy like the 50% tax rate.
The man who ended “Boom and Bust” and derided Shadow Chancellor George Osborne got it spectacularly wrong. This country was indeed uniquely placed, uniquely placed to be totally screwed for a least a generation by the biggest financial incompetent since Gerald Ratner.
Sadly every Conservative blogger who said Brown’s fiscal policies were insane has been proved totally correct, the country is going to suffer for a generation because of a wannabe second rate mental midget.
The news today that Nadine Dorries will receive damages from Damain McBride reflects badly on Brown, and the news that there are two other suits outstanding. The one against 10 Downing Street could turn out to be the most damaging because Gus O’Donnell the head of the civil service was McBride’s employer and the emails were sent from McBride’s desk, from a government computer during working hours.
Meanwhile Brown has donned his cloaking device and is nowhere to be seen.
By Tory Aardvark
“Obama swerved no fewer than five requests from Downing Street to hold a bilateral meeting either at the UN in New York or at the G20 summit starting in Pittsburgh today. Obama himself was in New York to deliver a speech to the UN. Brown’s own speech to the UN was delivered to a half-empty auditorium.” writes Guido in bis blog.
The repeated snubs of Gordon Brown by Barack Obama have been reported widely, denied and finally had cold water poured on them by Downing Street.
Rumours are circulating that Obama and Brown have already had a wide ranging discussion, in the kitchen at the UN.
The real humiliation of Brown takes place later on at specially convened meeting of bankers.
Picture the scene the lights go dim, the dry ice starts to smoke and Gordon Brown emerges to the strains of David Bowie’s the Man Who Saved The World.
Taking his place on the podium Brown looks at his audience and sees one heavy weight US banker, everyone else present are US representatives of UK banks.
“That compares poorly to the two previous such meetings the Prime Minister has hosted in the city during the credit crisis, when big names including star hedge fund manager George Soros and JP Morgan Chase chairman Jamie Dimon showed up.” writes James Quinn in The Telegraph
The Lord Of Darkness gets hammered not once, but twice by John Sweeney from the BBC
Not going very well is it when your own propaganda arm does this to you.
Mandelson’s reaction when told it was Panorama is priceless, considering the well pulicised left of centre stance of Al-Jebeeb, which has loyally stood by Labour for 12 years spouting every lie that Blair, Brown and Co have spouted, as though it were the gospel truth.
So says Sky News’s faithful Labour groupie Adam Boulton
Quick refresher so we can position ourselves for the slant on the reporting. Adam Boulton married Tony Blair’s former aid Anji Hunter and a large number of guests at the wedding were Labour party power players.
Having seen the actual video on Sky yesterday where Osborne was very professional, eloquent and straight to the point the following from Boulton shows where he and several others at Sky News stand:
After a brilliant few days which led to his lionisation in the Tory press Mr Osborne, not for the first time, over-reached himself, producing secret documents which were neither secret nor evidence of the breathless charges he levelled against Labour.
Depends how you define secret, buried in the small print which no one reads in one way, the other way is to hide in the open.
No one else had picked up on this, so one mighty hat tip to George Osborne for bringing this to light. Osborne is proving consistenlty that he is no political lightweight.
£6017 is the amount per second the Labour government borrowed in August 2009.
Government borrowing for the whole of August was £16 billion; that used to be the PSBR for a whole year.
That is some achievement to increase borrowing by 1200%, and there is no sign of the spending stopping yet.
Total government borrowing now exceeds £800 billion and for the first time in our history our indebtedness has reached 57.5% of national output.
At this point it is worth bearing in mind that the man hailed as the greatest Chancellor of the Exchequer since bread was first sliced, stated that it should not exceed 40% of national output
More on this in The Times
Thanks to Guido for the clip