The IMF says the slump is worse in Britain
And the Institute of Fiscal Studies warns that it will take more than twenty years to pay off the debts accumulated during this recession.
Gordon Brown has been claiming
* that the slump is hurting every country in the world, (which is true)
* that Britain is better placed than most other industrialised countries to deal with it, (which is not,) and
* that he deserves full credit for everything that has gone right with the economy, but no blame for anything that has gone wrong (which is ridiculous.)
Unfortunately for the Labour government's argument, the International Monetary Fund has published a report which argues that Britain, far from being better placed to deal with the slump, will be "hit harder than any other advanced nation in the worst recession for more than 60 years." The IMF economists preduct that Britain will be worse affected than the USA, Japan, Spain, Italy, France, Canada or Germany. (See the Times Online report here.)
In the Sun newspaper, George Pascoe Watson writes here about the fact that that the debts Labour is accumulating will take 20 years to pay off, and that the IMF report is a "big blow" to Gordon Brown. As the same paper's leader article adds, Put on the spot by the Tories, the Premier had no answer except to admit we are in “deep recession”.
Meanwhile Ken Clarke has ripped to shreds the arguments for Lord Mandelson's proposals on the car industry.
Labour has failed. They are dashing around in a frenzy of desperate initiatives, confusing announcements with results and panic with resolve.
The choice which the Conservatives offer is not a "do-nothing" policy but a "do-the-right-thing" alternative. And the sooner there is an election so that the public can decide which policy has more chance of working, the better for the country.