Is it really THAT bad?

British Chancellor of the Exchequer Alastair Darling is reported to have said that the British Economy is in its worst state for more than 60 years: according to BBC World that is.

 

If that is true then we really are in the mire. Remember the devaluation of 1967? How about Denis Healy having to go cap in hand to the IMF month after month and anyone going abroad was limited to taking £50 with them. Then there were the Thatcher years: with that disastrous Chancellor Nigel Lawson followed eventually by the equally questionable Normal Lamont.

 

I have lived through bad times in the UK then so if it’s the worst for 60 years then it must be bad.

 

Then again, this is some sort of payback for the country living on credit for the last 15 years or so. The boom of the Blair years have now come to a head: all of those people wearing Armani clothes, driving a new BMW and carrying Louis Vuitton bags are having to shop at Aldi and Lidl now as their credit has run out. This is REALLY what Darling is talking about, not the credit crunch from the USA. The credit crunch is merely a symptom of gross mismanagement by governments all over the Western world.

 

Who will suffer, though? Hmm, let me think about that.

 

DW