Months ago I urged the authorities to override the Bank of England’s MPC and slash interest rates to head off recession. At last the cries are coming from all parts of the spectrum to do just that, months too late.
I have also urged a sharp reduction in UK spending on bank shares and bank nationalisation. You cannot do the one without the other safely. If they press on with both interest rate cuts and with massive spending on bank shares, expect more strain to be taken on the exchange rate and in due course on the government debt markets.
It means still dearer imports. less spending power and more risk. Why can’t these people in authority understand the large numbers they are playing with, and see they are putting too big a burden onto taxpayers?