Friday, July 18, 2008

The air is think with the cackle of chickens coming home to roost

The government is considering re-writing its own rules on how much it can borrow in order to counter the effects of the economic slowdown.
BBC political editor Nick Robinson said officials were drafting a looser framework so that the Treasury would not have to break the present borrowing limit of 40% of national income.

The rules were laid down by Mr Brown as Chancellor after Labour came to power in 1997.

It is predicted these will be breached as the government faces an £8bn tax revenue shortfall because of the current economic climate.

My schedenfreude is only tempered by the knowledge that I will be one of those who suffers because of Gordon Brown's incompetence and weak thinking.

Ah yes , the governement spokemen claim, but is is an international problem beyond our control. Well maybe it that is the case, but it was always bound to happen. There was always goind to be something that gave the economy a kicking, and as there is a history of oil prices being a problem it is not unreasonable for planners to allow for that.

But that's not the point. We have had 16 years of growth. With the exception of the past couple of months this Government has had economic growth. Nobody in their right mind expects that the good times will last forever and plans for a rainy day by saving.

But not Gordon, no he lauded over us relishing in the praise of his acolytes in the MSM and even international bodies. And what was he doing during this period? Shafting prudence and spending money faster than a drunken sailor on shore leave after 2 years at sea. What's more, he's given us a dose of the pox to go with it.

And just in case anybody thinks that borrowing a bit more in bad times for Index is OK, it isn't. It is a deferred tax and what's more it will be gathering interest.

How I hate them all and the sooner Brown is consigned to the dustbin of history the better.

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