An interesting exchange at Treasury select committee this morning, where Lord Turnbull - former head of the civil service - seemed to question George Osborne’s claim that Britain was on the brink of bankruptcy until now.
Chuka Umunna: “You said that you didn’t think the issues that had been raised in relation to sovereign debt and the UK were relevant. What did you mean by that?”
Lord Turnbull: “Well I always thought that we were capable of producing a financial settlement that wouldn’t take us into Irish and Greek problems. Secondly, a very large part of our debt was domestically held. If people are going to sell gilts they’ve got to buy something else. Who are these great shining examples of people who are issuing rock solid debt you want to buy?”
Chuka Umunna: Do you think it is accurate to describe the UK as being on the brink of bankruptcy?
Lord Turnbull: No, I don’t.”
Perhaps a little less fiction from Conservatives on this issue would do some good.
Consumer sentiment and growth must be the focus for the next 12 months and rediculous economic arguments which are not derided by most intelligent commentators but are not believed by the public do the economic recovery no favours.
Thats why the polls have tightened.
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