Wednesday, 25 April 2012

On No, Not Again....

Witht he latest figures from the ONS showing a further contraction in the UK economy and the ensuing use of the "R word", today could be going better for the UK Government. Half of their critics will say that they have cut 'too far and too fast'and the rest feel more bold autserity packages are necessary. It's true that everyone will have their own view, driven largely by their own ideology, but amost all will agree that this is not where we want to find ourselves - again.

I heard one informed commentator saying today that we should follow the example set recently by Estonia, where they made breathtaking cuts to their Pubic Sector and as a result are now enjoying 8% GDP growth. On the face of it that seems like a great idea, but can you imagine the collective pain there would be having made such cuts, while we sat waiting for their expected beneficial outcome? Bravery is most definitely required from here on in, but will Democracy allow any government, of any colour, to do what is required and to stick at it for long enough for the desired result to emerge out of the gloom?

It is times such as these when a benign dictatorship (has there ever been such a thing, anywhere?) might allow policy makers the time to see their policies through to conclusion. That is never going to happen, when we seem if anything to be moving toward an even less well-defined political era where the colours have run in the wash and where blue, red and orange have become a pastel-shade messy purple.

Inflation will, over time ease the size of the debt mountain, as it always does. Though we may not have actively been seeking such an outcome, I think it hard to imagine our turning it down!

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