Wednesday, June 1, 2011

Words of Wisdom from Gordon Brown

I'm doing some research and came across this gem from Gordon Brown's 1999 Pre-budget report

"The economy of 1997 was characterised by rising inflationary pressures; unsustainable consumer spending; a large structural deficit in the public finances with public sector borrowing of 28 billion pounds; indeed, Madam Speaker, Britain was set to repeat the same old cycle of boom and bust."

So in 1999, Gordon Brown claimed he was worried about an economy that was borrowing £28bn pounds a year, even adjusting for inflation since then you'd be talking about roughly £40bn a year. Today we have to borrow that in just over 3 and a half months, yet as he was leaving government he didn't seem at all concerned about it.

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