The economy is going to define our politics in Britain in the next year, the next five years, the next 10 and even the next 15 years. These are seismic events that are going to change the political landscape. I think that this is a financial crisis more extreme and more serious than that of the 1930s and we all remember how the politics of that era were shaped by the economy. We now are seeing the realities of globalisation, though at a speed, pace and ferocity which none of us have seen before. The reality is that this is becoming the most serious global recession for, I'm sure, over 100 years as it will turn out.Oh dear. Isn't this what some of us have been saying for some time? Well, good on him for being honest, but it rather blows the gaffe on what the Prime Minister has been saying, doesn't it?
Nick Robinson writes tonight...
Mr Balls and Downing Street have tried to play down the significance of his remarks insisting that he was pointing out the unique nature of the global financial crisis and was not predicting that the impact on ordinary people would be worse than that in the Great Depression of the 1930s.So the next time Gordon Brown starts blathering on about "we're best place to withstand the recession", the question he should be asked is rather blindingly obvious, isn't it? PMQs should be fun this week.
In other words, they accept that he said what's being quoted but had not meant to say it.
Only last week Downing Street declared that Gordon Brown had made a slip of the tongue during Prime Minister's Questions when he spoke of the world being in "depression" .