Darling Lets the Cat Out of the Bag

Tessa Jowell went wildly off message yesterday and said that Britain is facing a recession “deeper than any that we have known”. Another significant admission from Chancellor Darling suggests we are perhaps not best placed to weather the global financial turbulence: “We are going to be affected more substantially in relation to the loss of revenues that we are now experiencing because of the lack of profitability in the financial services sector. London is the major financial services sector in the world… Of course we are more likely to be more severely affected as a result [of] profitability being reduced… We are also affected by the downturn in the housing market because of reduced revenues in relation to stamp duty”.

He might also have added that because we are so over-indebted, it will be that much more difficult to recover economic growth.Via Paul Waugh


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In response to the news that Emily Thornberry described the Lib Dems as “like the Taliban” over their new revoke Article 50 Brexit policy, the former Lib Dem leader responded:

“Come on Emily, if we really were like a Middle East terrorist group, don’t you think Jeremy would’ve invited us to a conference fringe meeting before now?”

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