Not really a great validation of the way he\’s acted over the past decade:
"Judging by the fiscal deficit trend, the UK is now in worse fiscal shape than almost any other major Western country. In the event of an economic downturn, the UK now has little leeway for stimulus," it said.
If we were to have followed Keynesian type management of the economy then, at the end of 15 years of uninterrupted growth, the public sector finances should be hugely in surplus, we should be payin back the debt, as Lawson was back in the late 80s. Clearly we haven\’t been doing that, we still have huge public sector deficits and if there is indeed a recession coming then we don\’t any longer, have the option of borrowing and spending our way out of it.
Quite simply Brown left the spending taps too open too long.
If that recession does indeed come in the next year or two (for there will be one sometime, no one really thinks we\’ve abolished the business cycle) then it really ain\’t gonna be pretty. Could even be that the next election is one that you want to lose, not win.