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Brown has 'lost his grip on the economy'


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Gordon Brown has 'lost his grip on the economy' as borrowing soars

By Edmund Conway, Economics Editor

Last Updated: 3:14pm BST 18/07/2008

Government borrowing has soared to its highest level since records began more than 60 years ago, it was announced yesterday as Gordon Brown was accused of losing his grip on the economy.

Official figures showed that the budget deficit soared to £24.4 billion in the three months to June - the biggest shortfall since comparable records began in 1946. The Office for National Statistics said the deficit climbed to £9.2 billion.

It came after it emerged that the Prime Minister was considering abandoning the two fiscal rules which have controlled public spending, borrowing and taxing for the past decade.

The news led to speculation that the Government is considering borrowing billions more in the coming years as the economy faces a housing slump and a possible recession.

The Government's accounts are likely to worsen even more in the coming months as the amount it raises in taxes from businesses and individuals slumps along with the UK economy, experts warned.

News of the record borrowing is highly embarrassing for Mr Brown, who staked his reputation as both Prime Minister and Chancellor on his economic proficiency.

Instead, experts said, the economy was in danger of falling victim to the problems faced by successive Labour governments: record public debt, a slumping pound, soaring inflation and a sinking economy.

Shadow Chancellor George Osborne said: "The Brown era of economics is over. He staked his credibility on the fiscal rules. They were part of the arrangement he announced a decade ago to constrain government and make sure that money was put aside in the good years to prepare for the bad years.

"Now we've reached those bad years, the public finances are in a mess, and the rules are being ditched. It's like giving the prisoner the keys to their own prison cell. The Treasury can't stick with a tax policy for more than about three weeks and Britain lacks economic leadership at the very moment it needs it most."

Full story, source: The Telegraph

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Brown stuck to the Tory spending plans for the first term in office and everything was fine then, bang, spend, spend spend, throwing money at problems left right and centre, and he gives our money away like its going out of fashion, one billion to India, yet thats right India, the country who has a nuclear programme. then 500 million to China, thats right China whos economy is growing at 12% compared to ours at 2.3%

then he robs peoples pensions 800million, then props up a Bank, to the tune of 53 BILLION. rubs salt into the wound by selling 60% of our gold reserves, but before he sold it, he gave the gold market a heads up that he was about to sell and the world gold price went down, so sold it for half the price,

and yet people would call him the Iron chancellor, the fat one eyed b****** should be swinging from the lamppost,

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I wonder when he's going to off himself, or step down.

Frankly, he's a terrible leader. A terrible MP, and has no idea what he's doing or if he does, he can only see a metre infront of him on a 50mile road on a sunny day.

If only Blair was still PM...

When's the next election?

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Brown stuck to the Tory spending plans for the first term in office and everything was fine then, bang, spend, spend spend, throwing money at problems left right and centre, and he gives our money away like its going out of fashion, one billion to India, yet thats right India, the country who has a nuclear programme. then 500 million to China, thats right China whos economy is growing at 12% compared to ours at 2.3%

then he robs peoples pensions 800million, then props up a Bank, to the tune of 53 BILLION. rubs salt into the wound by selling 60% of our gold reserves, but before he sold it, he gave the gold market a heads up that he was about to sell and the world gold price went down, so sold it for half the price,

and yet people would call him the Iron chancellor, the fat one eyed b****** should be swinging from the lamppost,

ditto, ditto & ditto. :yes:

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Brown stuck to the Tory spending plans for the first term in office and everything was fine then, bang, spend, spend spend, throwing money at problems left right and centre, and he gives our money away like its going out of fashion, one billion to India, yet thats right India, the country who has a nuclear programme. then 500 million to China, thats right China whos economy is growing at 12% compared to ours at 2.3%

then he robs peoples pensions 800million, then props up a Bank, to the tune of 53 BILLION. rubs salt into the wound by selling 60% of our gold reserves, but before he sold it, he gave the gold market a heads up that he was about to sell and the world gold price went down, so sold it for half the price,

and yet people would call him the Iron chancellor, the fat one eyed b****** should be swinging from the lamppost,

excellent post steve.... nice recap. Over time you forget..

When he appears on the TV, I have to turn over; his smugness makes me...sick.

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the fat one eyed b****** should be swinging from the lamppost,

I was thinking that.

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I wonder when he's going to off himself, or step down.

Frankly, he's a terrible leader. A terrible MP, and has no idea what he's doing or if he does, he can only see a metre infront of him on a 50mile road on a sunny day.

If only Blair was still PM...

When's the next election?

sorry but i had to ask,

about the part of your post i've bolded

this is meant in jest? yes?

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further to my earlier posts, the government is going to borrow more money increasing our national debt past the figure or 45% GDP. we're all being told the government has to borrow more money, and eventually tax us more, well, in times like these when times are tight and friends are few.

are very own, Mr Bean, Gordon brown, has just given away £30million pounds of tax payers money to the Palestinians £30 million just given away like that, and where told there is a credit crisis, what the **** is going on here, someone needs to take the fat ****er out every time he goes on one of these visits hes giving money away,

http://news.bbc.co.uk/1/hi/world/middle_east/7515786.stm

Gordon Brown has announced £30m (38m euros; $60m) of additional financial support for the Palestinian Authority (PA), on a visit to the West bank.

The prime minister also promised further support in training the Palestinian police, after talks with PA President Mahmoud Abbas.

Edited by stevewinn
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sorry but i had to ask,

about the part of your post i've bolded

this is meant in jest? yes?

No.

Would you rather have Blair - who actually passed some decent bills during his leadership. Or the plonker who's took over in Downing street in the present?

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