Jon Moulton Discusses Recession
Recession – it’s now pretty official – the Bank of England has finally started using the dreadful phrase in their Inflation Report.
About bloody time! Obvious as can be that the economy was doomed to blow up with too much government spending and wild spending by ever more overborrowed consumers. Both these have gone into reverse and the economy with it; worse the government deficit is still not being attacked. It may be David Cameron who has to behave like Maggie to balance the books by still further hurting the economy.
We’ve a pretty long depressing period in the UK to come!
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