Friday, October 07, 2011
Alistair Darling was right
During his 1,000 days at Number 11, then Chancellor Alistair Darling argued that the UK would see the worst recession for at least 60 years. He argued that the financial crisis was international making it a difficult course to navigate.
These comments were seized upon by a great many politicians on all sides and promptly denounced as sensationalism, creating a climate of fear for political advantage, and nonsense. Prime Minister Gordon Brown was rumoured to have released "the forces of hell" on Darling. George Osborne argued that Darling lost his credibility for economic competence.
Well, now Mervyn King, Governor of the Bank of England, has affirmed what Darling has said all along: the current financial crisis is perhaps the "worst ever" and it is an international problem. We have also seen the economy further tank as more and more austerity measures kick in. Looks like Osborne's economic plans have come to much less than Darling's.
There we have it: Alistair Darling was right. Told you so.