A quick question; is there anyone out there who thinks that New Labour can get away with this kind of fiscal irresponsibility? The general government deficit will be 5.5 percen this year and at least 8 percent next year.
The Wall Street Journal doesn't think so either:
"The U.K. government insists Britain is well-placed to cope with the financial turmoil. The credit default swap market begs to differ. The cost of insuring U.K. government debt against default has risen to a level that suggests the U.K. is in danger of losing its triple-A rating, based on a Moody's Investors Service model. That no longer looks so far-fetched."