Recession deepens

[Iron]

From this morning's Telegraph:

'Moody's cut its UK growth forecasts yesterday, and repeated its warning that Britain could be stripped of its AAA credit rating if George Osborne does not stick to his austerity drive.'

Why do I think that, rather than ramping up his austerity programme, George Osborne will do an impression of a rabbit caught in the headlights, and do nothing?

I agree with whoever it was who famously said that we have a work experience chancellor!

Jeff

[superfrank]

my point is that the Euro isn't "so low" against the £.

Osborne will stick to the so-called "austerity" plan (which has hardly even started and is hardly austere compared to what's happening in the EZ) and tell Mystic Merv to print even more.

[Iron]

my point is that the Euro isn't "so low" against the £.

It's all relative, but it's the lowest it's been for years, which perhaps makes it surprising that there are so few English tourists in Portugal compared to recent years.

Osborne will stick to the so-called "austerity" plan (which has hardly even started and is hardly austere compared to what's happening in the EZ) and tell Mystic Merv to print even more.

He will, but there are limits to how far you can pursue money printing before it starts to seriously backfire on you...

Jeff

[superfrank]

He will, but there are limits to how far you can pursue money printing before it starts to seriously backfire on you...

Jeff

it's the only thing they know - they are gambling (with the entire system) that it won't backfire (sooner or later it will).