So much for prudence
Published Date:
23 July 2008
With the news UK government borrowing is at its highest level since records began in 1946, Labour's answer to its failed economic policies seems simply to tear up its own economic "rule book" (your report, 19 July).
When the previous strength of the UK economy led to bumper tax receipts, budget surpluses were squandered rather than some cash being saved for a potential period of downturn, such as now. The Treasury cupboard is bare, and Gordon Brown must either raise borrowing or increase taxation, the latter ruled out as amounting to political suicide in the current economic climate.
The past year has seen the most dramatic fall in a prime minister's standing since John Major, when Britain fell out of the exchange rate mechanism in 1992. Gordon Brown has based his reputation on "prudence" and the rules that guided his economic policy; like Mr Major, he has fallen flat on his face.
ALEX ORR
Bryson Road
Edinburgh
The full article contains 161 words and appears in The Scotsman newspaper.
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Last Updated:
22 July 2008 8:44 PM
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Source:
The Scotsman
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Location:
Edinburgh
