George's Mangled Medicine

George Osborne has taken a bashing this morning following his decision to fork out another £140 billion to the banks. The Institute of Directors warned that Funding for Lending will do nothing to make businesses want to borrow, noting that the move fails whatsoever to address fears over the Eurozone crisis.

The Institute of Economic Affairs were particularly damning, chastising the Chancellor for getting into a “terrible muddle” over banking policy and suggesting that “the left hand of the Treasury does not seem to know what the right hand is doing”. They highlight the fundamental contradiction between FSA regulation reducing the flow of funds to borrowers while the government subsidises lending from the very same banks. That GCSE maths textbook might come in handy.

Meanwhile Ed Balls backed the plans, saying “I welcome any action”. Says it all really…




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Quote of the Day

George Osborne paraphrases Boris, telling the FT:

“If the ball came loose at the back of the scrum, I wouldn’t fumble it”

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