An economics lesson from the NS
William Rees-Mogg has been reading our leaders.
The leading left-wing weekly in Britain is the New Statesman. At the beginning of the month, the heading of its editorial article was: "We are still teetering on the edge of a perilous cliff."
The text points out: "Mr Brown boasted that Britain was better placed than most of its competitors to cope and then recover. In fact, we have emerged from recession much slower than Germany, France, Spain, Japan or the United States." That is, unfortunately, the truth.
You can read the relevant leader in full here.
In his fascinating interview with LabourList today, James Purnell suggests that Gordon Brown still has a good claim to re-election based on his success in preventing the recession turning into a depression. But, as our leader suggests, voters are still more likely to remember him as the man who boasted that he had abolished boom and bust as chancellor, only to lead us into the deepest postwar recession as Prime Minister.