The worst ever

When in opposition, Brown taunted the Tories with the allegation: “A weak currency arises from a weak economy, which in turn is the result of weak government.” Well since Brown took over sterling is down 25% per cent against the yuan, 30% against the euro, and 35% against the yen. In the London stock market the FTSE-100 index was around 6,000 and today it about 5250, a drop of about 12.5%. All industrialised countries have been affected by recession but the German DAX is up by 12%, the American Dow up 15%, and Hang Seng up by 75%. Of course the London stock market has always been dire under Labour governments but under Brown it has been almost twice as bad as usual. During the Robert Maxwell Memorial Budget he warbled on about his unshakeable commitment to prudent monetary and fiscal rules. Well, what has happened is that Britain’s budget deficit, as a percentage of GDP, is running at 14%, the worst among G20 nations, and higher even than the Greek 13%. In short, the sterling is in the toilet, our pensions have been trashed, cash savings yield almost nothing, the country is up to its neck in unprecedented debt, the banking system is awash with funny money, our gold reserves were sold off at rock-bottom prices, and our dole queue is round the block. It is generally considered that Gordon Brown was the most inept Prime Minister since Lord North (who cost us the American colonies) and, as the above figures confirm, by a clear margin the worst Chancellor ever.


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