From Alistair Darling's Budget Speech of today:
"When the world economy was plunged into deep crisis in the 1930s, the response, both nationally and internationally, was too little and too late. This failure to act turned a serious downturn into a prolonged depression. We will not repeat those mistakes again."
Once I dipt into the future
12 hours ago
5 comments:
So they're going to cut tax on incomes, sales and profits to stimulate employment?
This is the most incredible humbug, really. Not only were they a lot quicker off the mark in the 1930s, but they actually did a lot more (they didn't just fund non-jobs).
The more I think about it, the more I think the real answer is "to do nothing."
At all.
The pound has already fallen in response to the budget, and presumably will keep falling as the levels of borrowing continue to climb beyond even the immediate levels included in the budget (and no plans beyond fantasies). In these circumstances, and in light of US policies likely to depress the dollar, am I right that the best hedge - short of a stock of gold - is to buy Euros?
I had low expectations of the budget, and I'm sorry to say that those expectations were way way too high!
Is he admitting to having repeated them once already? Some lawyer, him.
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