Gillian Tett at the TUC:
Building an economy around Canary Wharf was nuts
and
Over the last few years the financial sector built a candy floss ec9onomny — finance resold products time and again to each other until a great big pink candy floss was built — all sugary and terribly sweet — and now it has imploded as candy floss does.
We must not do that again.
Agreed.
And as she also said:
Like oit or not spending will be vut after the next election — and that will have a significant impact on growth.
Call it turning recession into depression, I say.
John Kay, also speaking here, clearly seems to agree.
So why are the Tories planning to do this?
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“So why are the Tories planning to do this? ”
For the same reason as the Labour Party is.
And for the same reason as the Lib Dems, who have gone further than anyone else by talking of “savage cuts”.
I’m not sure what the issue is. Even the lady from the TUC accepts public spending has to be cut!
Interesting. She’s got hero status amongst a lot of bankers and city folk. Her saying that will carry a lot of weight.
In the Q & A she said two more things.
First, that she is already really angry about the impact of cuts and is very worried about the impact they will have on the people of Liverpool, where she is supporting projects.
Second, she expressed her anger that bankers still use the argument ‘we’ll leave if you don’t do what we want’
Don’t doubt that if we have people like her at the FT there is some hope that the right wing can beaten
Richard
Oh really, what’s she involved with in Liverpool?
Don’t know
But it is in the social economy
Richard