In Britain, it\’s nowhere to be seen. As every economic analyst is pointing out, Labour has run up huge debts in the good times and has lost its freedom of manoeuvre. Indeed, a shocking report from the Institute for Fiscal Studies last week went further and warned that not only is Labour unable to implement the Keynesian solutions of cutting taxes and raising spending, it may well have to raise taxes to meet existing spending commitments. Brown is as trapped as Shelter\’s homeless family and, at the moment, it seems he has no way out.
That\’s Gordon Brown\’s economic management for you. The budget should be in surplus at this point in the cycle. It ain\’t.