Apr 292010
Mervyn King is warning that the victor in next week’s election will be forced into austerity measures that will keep the party out of power for a generation, according to the US economist David Hale.
Dragging the Bank of England governor unwittingly into Britain’s political battle, David Hale said he had been told by King at a private lunch about the likely fiscal pain ahead.
I think he’s wrong.
There’s a reason.
No party will never succeed in imposing these cuts.
There is only one answer – and it is tax reform of the sort I am suggesting.
That’s the only viable plan there is for our economy.
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[...] only hope if Cameron forms a government is that Mervyn King is right, and that labour and other progressives can get their act together in time to deliver the real [...]