Guido has helpfully created this chart which shows just how hubristic Gordon Brown's claim about Britain being the best prepared country to withstand the recession really was. As Guido says...
As well as being the lamest economy in the G7 we share recessionary woes with economic powerhouses like Romania. Gordon Brown’s epitaph will be that he didn’t abolish boom and bust, that he didn’t save the world and he “lead the way” only in his imagination. The British economy has paid the price for his delusions.
No one should take any pleasure from us being alone among G7 countries to still be in recession. But it is entirely right to point out that it is Labour's economic policies which are keeping us there. No one has confidence in them and as a consequence we are not attracting the investment which will give us the growth we need. The money the government has pumped into the economy and the banks has resulted in little extra liquidity and lending. Why isn't it using its controlling interest in several of the banks to influence lending policy?
And now we are potentially heading for a double dip recession. The Bank of England is clearly worried that inflation is due to let rip, which will lead to higher interest rates. So much for
But there's no fresh approach, no fresh thinking. Just a Denis Norden-esque attitude of 'It'll be alright on the night'. Except it won't be. Until May 7th.