The government has completely lost control. Yesterday, the u-turn 10p tax announcement cost us all £2.7 billion. Today they told us about their panic, emergency budget in the form of 18 bills.
The Governor of the Bank of England, Mervyn King, also gave today his worst prediction on the future of the economy:
- growth forecast will reduce to 1% by Christmas
- inflation to rise to 3.7% by late summer
Gordon Brown is now trying desperately to save himself by announcing a compensation package for those hit by his own axing of the 10p tax rate, but 1.1 million low earners on between £6,635 and £13,355 will still be worse off, by up to £112 a year. The poorest people in the country will still lose out.
Has the u-turn got anything to do with the forthcoming Crewe by-election? I think that is very probable!
Can Gordon survive ... or will the people of Crewe say to him "you're fired"!?
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