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Thursday, November 13, 2008

Crystal Balls

What to make of Tessa Jowell's pronouncement that Britain would not have bid to host the 2012 Olympics if the Government had known that a recession was approaching? Is this code for we would not have bid if we had realised that Government incompetence would see the costs spiralling out of control to nearly four times the original estimate?

The fact is that the infrastructure work involved in staging the Olympics is precisely the sort of government capital expenditure we need to help the construction industry survive this depression and enable unemployment figures to be kept down.

The problem is that in order to deliver the Government is diverting resources from elsewhere in the Country and are in any case spending the money in the wrong place. That part of East London certainly needs the investment but it is likely that other regions need it more.

However this is spun the issue is not that we are building Olympic facilities during a recession but that the government have mismanaged the project from day one.
Everyone else could see the recession coming, house prices stagnated, manufacturing output down, the pounds losses against the dollar and euro.

Apart from a six foot neon sign saying "WE ARE IN RECESSION" what more does TJ want?
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