We keep hearing from Gordon Brown how good he is with the economy and that this is a “global recession” – forgetting that part of the reason was his incompetence. Just how wrong and how incompetent can be seen in an exchange with Vince Cable back in 2003.
Vince Cable to Gordon Brown
“The growth of the British economy is sustained by consumer spending pinned against record levels of personal debt, which is secured, if at all, against house prices that the Bank of England describes as well above equilibrium level. What action will the Chancellor take on the problem of consumer debt?”
Gordon Brown’s Reply
“We have been right about the prospects for growth in the British economy, and the hon. Gentleman (Mr. Cable) has been wrong.”
Sorry Gordon, who was wrong? Maybe everyone can be blessed with hindsight but we pay you to have foresight.