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Tuesday, October 07, 2008

Instilling confidence

One of the key roles of Chancellor of the Exchequer is to maintain the confidence of those who drive forward the economy. Failure to do that could see extraordinary pressure being placed on the pound and on our financial systems.

It is possible that Alistair Darling failed that test yesterday.
Possible? In a market run on confidence he has little more than recycled and vague rhetoric to offer.

He's spectacularly failed at his job, and so did Gordon Brown before him. I mean honestly, the likes of Northan Rock were offering 110% morgages at something like 20X a person's annual salary, just openly betting on the market never going down again.

Gordon saw it, and sat on his hands. This government flits from one disaster to the next :(
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