Goodbye and good riddance

Andrew Sentance's comments on interest rates are without any basis. Thank goodness he is leaving the

There were two big stories today relating to external members of the MPC. The first was by Andrew Sentance who, in an interview with the Flintshire Leader, argued that, "If you have interest rates too low for too long, the problem we have is it becomes more difficult to raise interest rates more sharply in the future." There is no basis for such claims. Why would it be harder to raise rates in the future because you had lower rates in the past?

Sentance's presence on the committee has apparently made it much harder for others to get their views across. He has been a damaging influence on the MPC. He failed to see the recession in the first place and has repeatedly suggested that it was all over when it wasn't. He seems to have little concern for unemployment and is hung up with some economic theory of the past that nobody takes seriously any longer, according to which all that matters is inflation. The main economic problem is not inflation and what happens in manufacturing isn't a good guideline to what happens in the rest of the economy. Even his boss, Mervyn King, thinks that, with the fiscal contraction going on, raising rates now would be a "futile gesture" that would have to be quickly reversed. Thank goodness that Sentance has only two more meetings left.

The second story was by my good friend Adam Posen, who has been voting for more QE because of his fears that inflation will be below the target in 2012. He is a Japan expert and knows about these things and needs to be taken seriously. Just because he is in a minority of one, it doesn't mean he isn't right; in all likelihood he is. In a Guardian story, he reports having had sleepless nights over his decision to break with the consensus. "I would take it deeply and personally, which is why I have laid awake at night thinking about it." My own experience at the MPC suggests that it is really hard to plough a different furrow from the tyranny of the consensus.

He has even gone as far as to say that he would not seek a second term if it turns out that he isn't right. I don't think there is much chance of that.

"If I have made the wrong call, not only will I switch my vote, I would not pursue a second term. They should have somebody who gets it right and not me. I am accountable for my performance. I'm holding my nerve because it is the right thing to do."

Posen was also sceptical about the suggestion that the government's deficit reduction plan could help growth by boosting confidence in financial markets, leading to a fall in long-term interest rates and higher investment. That hasn't happened, as consumer confidence has collapsed, UK growth has slowed and unemployment and inflation have risen. Adam is a man worth listening to. I suspect that, in a year or so, we will find his comments to be prophetic.

David Blanchflower is economics editor of the New Statesman and professor of economics at Dartmouth College, New Hampshire

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OK, let's do this: who REALLY won Legs-It? An exclusive investigation

Look, some of you just aren't treating this question with the seriousness it deserves. 

This morning, the Daily Mail front page dared to look past the minutiae of Brexit - can my EU partner still live here? Why is my holiday so expensive? Should we be worried that David Davis looks like a man who's ended up a minister because he lost a bet? - to ask the really big question. 

Yes, indeed. Who is Top of the Tibia? Who shines in the shin department? Which of these impressive, powerful women has lower limbs which best conform to our arbitrary beauty standards? 

In the accompanying article, Sarah Vine (herself the owner of not one, but TWO lower limbs) wrote that the women put on a show of unity with "two sets of hands clasped calmly on the arms of their respective chairs", disdaining the usual diplomatic practice of accompanying discussions about Article 50 with a solemn, silent re-enactment of the Macarena.

Vine adds: "But what stands out here are the legs – and the vast expanse on show. There is no doubt that both women consider their pins to be the finest weapon in their physical arsenal. Consequently, both have been unsheathed." That's right, people: Theresa May has been unafraid to wear a skirt, rather than a pair of trousers with one leg rolled up like LL Cool J. A departure for Mrs May, to be sure, but these are uncertain times and showing off just one calf might see the stock markets plunge.

The prime minister has come to the bold decision that her legs are the "finest weapons in her physical armoury", when others might argue it's the sharp, retractable venom-filled spurs on her fore-limbs. (Oh wait, my mistake. That's the duck-billed platypus.)

As ever, the bien-pensant left is squawking about sexism and avoiding the real issue: who really won Legs-it? Well, there will be no handwringing over how this is a belittling way to treat two female politicians here, thank you very much. We shall not dwell on the fact that wearing a skirt while doing politics is not really remarkable enough to merit a front page, oh no. Instead, we shall bravely attempt to answer that Very Important Question. 

Who really won Legs-it? 

1. David Cameron

We might not know who won Legs-It, but let's be honest - we all know who lost. David Cameron here has clearly concluded that, much like Andrew Cooper's pre-referendum polling results, his legs are best hidden away while everyone politely pretends they don't exist. 

Legs-It Rating: 2/10

2. Michael Gove

Fun fact: Michael Gove's upper thighs are equipped with sharp, retractable claws, which aid him in knifing political rivals in the back.

Legs-It Rating: 8/10

3. David Davis

Mr Davis's unusually wide stance here suggests that one leg doesn't know what the other is doing. His expression says: this walking business is more difficult than anyone let on, but I mustn't let it show. Bad legs are better than no legs.  

Legs-It Rating: 6/10

4. Boris Johnson

Real talk: these legs don't really support Boris Johnson, they're just pretending they do to advance their career. 

Legs-It Rating: 6/10

5. George Osborne

Take in these long, cool pins. These are just two out of George Osborne's six legs. 

Legs-It Rating: 9/10

6. Liam Fox

In the past, Liam Fox has faced criticism for the way his left leg follows his right leg around on taxpayer-funded foreign trips. But those days are behind him now.

Legs-It Rating: 10/10

7. Nigel Farage

So great are the demands on the former Ukip leader's time these days, that his crotch now has a thriving media career of its own, independent from his trunk and calves. Catch it on Question Time from Huddersfield next month. 

Legs-It Rating: 7/10

Conclusion

After fearlessly looking at nine billion photos of legs in navy trousers, we can emphatically conclude that THEY ARE ALL BASICALLY THE SAME LEG. Life is great as a male politician, isn't it?

I'm a mole, innit.