Posted by: John | January 26, 2009

Last nail in Labour’s coffin?

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5590281.ece

So many questions:

1) Why didn’t he regulate the banks here?

2) Why didn’t he tell the British people?

Mr Brown defended his record, claiming that Britain had “low public debt, low inflation and low interest rates”, and that corporate debt was far lower than in previous times of financial crisis. He did not allude to Britain’s record levels of personal debt.

errr – he has no control over interest rates – he wouldn’t be claiming the credit again would he without stating where he has gone wrong?

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Responses

  1. Actually that’s not entirely accurate. By binding the BoE to specific inflation targets, while dictating that inflation figures must not take asset prices into account, he kept interest rates artificially low, creating the bubble.


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