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Sterling has today picked up sharply after weeks and weeks of pressure and selling by investors. This comes just ahead of the MPC meeting to decide their next move on UK base rates and until just a...
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Thursday 4th September 2008
Just like King Canute believed that he could hold back the sea, only to get his feet wet and retreat with his tail between his legs, so we are seeing a similar story with Gordon Brown. For months he has been suggesting that the UK is one of the strongest economies in the world, is not on the verge of recession and will bounce back quickly. While King Canute got his feet wet, Gordon Brown will soon be losing his job!
The Chancellor has finally come around to the obvious way of thinking, the UK is in big trouble and nobody really knows when it will stop, but Gordon Brown sits in his ivory tower wearing his rose tinted glasses. So would it have made a difference if he had acted earlier?
Let’s not forget that Gordon Brown did instigate a £50 billion refinancing for the banks which was announced in a blaze of glory but turned out to be woefully short, he has just frozen stamp duty on homes at the lower end of the market but really he was fighting a losing battle from day one. He cannot be held responsible for all that has happened but he has overspent for the last decade leaving nothing in reserve for the bad times. |
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