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Can Gordon Brown recover from the gilt market failure?

Questions are today being asked about the future of Gordon Brown with the surprise announcement of a failed gilt market auction yesterday. As we covered on one of our recent post, this is the first failure since 1995 and could have serious implications for the short to medium term future of the UK government. Gordon Brown has for many years prided himself on his economic prowess although this morning that is in tatters with the Debt Management Office now looking to review alternative options open to the government.

For the first time since Gordon Brown attempted to refloat the UK economy there are concerns that the UK national debt is rising to levels which are unsustainable in the short to medium term. We may be nearing a situation whereby the UK is hit by its own internal credit crunch as investors flee the government debt market with concerns about the short to medium term outlook. There have been significant rumours that Gordon Brown is looking to bring forward a number of privatisations to try and reduce the national debt in the short to medium term.

While many analysts had predicted the situation we are entering today they were at the time ridiculed by staunch supporters of the UK government. Is the UK really about to hit its own credit crunch?

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