MPs Take the Can Back

You wait for ages for a good letter in the FT and suddenly two come along at once. It’s not just the eminent economists telling it like it is about the 50p tax rate this morning, but also another healthy dose of reality from the CEO of brokers Tullett Prebon, Terry Smith:

“To the ordinary person in the street, the idea that we can rescue ourselves from a crisis caused by excessive borrowing by borrowing even more must seem mad. In this respect they are possessed of far more common sense than those who are currently advocating just such a course of action and purport to be our leaders… The first step in rectifying this situation should be to make a clear and unambiguous statement about the actual debt the UK is carrying.”

Once messy public sector pensions, PFI and banking guarantees are taken into account, Smith believes out debt to be £3,589,000,000,000. MPs are reporting that their very own can arrived in the post this morning from Smith.  To keep on kicking:

Guido is amused…




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Quote of the Day

Stephen Bush writing in the New Statesman‘s morning briefing…

“The terrifying truth is that the Opposition is too divided – within the parliamentary party, within the trades unions, within the Shadow Cabinet and even within the leader’s office – to be anything other than a veto player as far as Brexit goes, and the party’s whole gambit is really about trying to make that weakness look like a strength. Keir Starmer saying that Labour is “increasingly likely” to vote down the deal is simply a reflection of the fact that the one thing the Labour party will be able to agree on as far as Brexit goes is that Theresa May’s deal is no good.”

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