Gordon keeps on mumbling about the need for an “international early warning” system, some might say that the IMF already does that job. After all it gave at least half-a-dozen warnings about Britain’s over-indebtedness in the years proceeding Brown’s bubble bursting.
This morning the IMF is warning that the UK will be the last major economy out of recession. Gordon thinks he can use the G20 Summit to show his leadership, Guido suspects many world leaders will be grateful that they are not in his situation. Americans commentators talk about the UK’s currency collapse and debt crisis. The Europeans are dismissive of his VAT cut, Asians bored by his talk of global regulation – which seems laughable in the wake of the collapse of the British banking sector. The White House wants to sort Wall Street out themselves and the American voters won’t be interested in Gordon’s grandiose schemes.
The truth is that Gordon has presided over the biggest bust of any major economy. The IMF says Britain will probably be last out of recession. Gordon has no credibility as a prudent finance minister. The G20 leaders will politely listen to his ramblings in the way that you listen to the views of a slightly demented uncle who invites you over for lunch. They know he is finished and they probably won’t have to listen to him again.
UPDATE : Former Blairite Downing Street spinner turned lobbyist Darren Murphy is dismissive of the relevance of the G20. Reading between the lines, he is dismissive of Brown altogether. Expect more of this kind of thing from Labour figures.