U.S. Economist David Hale recounts a private conversation with Mervyn King, governor of the Bank of England:
"I saw the governor of the Bank of England last week when I was in London and he told me whoever wins this election will be out of power for a whole generation because of how tough the fiscal austerity will have to be."
Lets all remember that whoever wins this election, the cuts which will inevitably be imposed will be Labour cuts. A profligate Labour Party has over 13 years racked up this vast deficit and public sector debt - the cuts will belong to them and them alone.
4 comments:
The Lib Dems had better get ready to govern. In 2034 or thereabouts.
Are you asking everyone to believe that we would NOT be in a poor economic position if the TORIES had been in power for the last decade?
You've lost the plot Druid!
Anon 13:53 - the Tories haven't been in power for the last decade.
The situation would be far worse had the Tories been in power. We wouldn't have any banks left, for starters.
Yes, Labour deserve to be beaten over the recession, but they won't have to face responsibility after the election. Look at how quickly Obama in the US started to take the blame for the economic mess there.
Mervyn King is right that whoever wins this election, will lose the next one.
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