Labour Ministers are understandably keen to avoid comparisons between the Northern Rock fiasco and Black Wednesday. Yes, there is a very crucial difference. Trying to keep Sterling within the ERM cost the taxpayer £10 billion at the most, whereas the public liability for Northern Rock is eleven times as much. There is another crucial difference too. Black (or White, depending on your viewpoint) Wednesday and leaving the ERM laid the foundation for the strong economic performance for the rest of the decade and beyond. Sure, I'm the short term Britain"s reputation was damaged, but nothing like it has been over the last few months during the Chancellor's dithering over Northern Rock. Today in the Commons he will have his day of reckoning - aided and abetted by the Liberal Democrats.
Nick Robinson adds to the Chancellor's discomfort HERE.
Guido says Seventies style socialism is back.