Alistair Darling admits post election spending cuts worse than the 80s

[Gonzo]

From the BBC website.
Darling concedes cuts could be tougher than 1980s

Alistair Darling has conceded that if Labour is re-elected public spending cuts will be "tougher and deeper" than those implemented by Margaret Thatcher.

There's no argument from the Conservatives against this either. I don't think that will come as much of a surprise to many of us but it would mean that the second part of the recession will be much worse than the first.

Hold on to your hats ladies and gentlemen, I hope your warchests are looking healthy.

[DimPrawn]

And for that reason, I'm hoping Labour win.

I want people to really see what every Labour government ends up like, bankrupt.

[HairyArsedBloke]

And for that reason, I'm hoping Labour win.

I want people to really see what every Labour government ends up like, bankrupt.

Aye.

[Gonzo]

And for that reason, I'm hoping Labour win.

I want people to really see what every Labour government ends up like, bankrupt.

<sigh> Not every Labour government ends up bankrupt, only the last one. Even then they weren't really bankrupt that was a Treasury miscalculation.

The question for me is What is Darling up to? Is he deliberately trying to set up a Labour loss?

[TimberWolf]

I have the impression they are having trouble keeping the Pound from sliding following the budget. In recent weeks as soon as the Pound slid below 1.5 to USD it was as if some invisible hand appeared to push it back up. But not over the last day or so. They may have to talk tough to keep it from diving into the x-axis.

[DimPrawn]

Britain is on the brink of losing its triple A credit rating.

By talking "tough" it keeps the credit rating agencies quiet (for now).

[TimberWolf]

Are we still importing people like there's no tomorrow while unemployment sky rockets?

[fullyautomatix]

Why does this come as a surprise ??

The way Labour was borrowing and needlessly spending it was like the maths book was torn up.

Tough times ahead but anybody who made hay while the sun shone will sit there contented while the rest of the hard working families will suffer for years.

[Pickle2]

I have the impression they are having trouble keeping the Pound from sliding following the budget.

You have it back to front. Weak pound = good. They have no intention of trying to see gbp strengthen. This is our chance at competitive advantage over our main trading partners in Europe who cant devalue as freely. 1gbp = 1eur would be suit just nicely. From a macro perspective.

[Gonzo]

I have the impression they are having trouble keeping the Pound from sliding following the budget. In recent weeks as soon as the Pound slid below 1.5 to USD it was as if some invisible hand appeared to push it back up. But not over the last day or so. They may have to talk tough to keep it from diving into the x-axis.

My daily forex report tells me that there are a load of stops lined up at 1.485. I wish I understood what that means.