Thursday, April 22, 2010

Qualified to Lead the Economy and Keep IMF from the Door

So Ken Clarke with his Law degree thinks that leaving the economy in the hands of Doctor Vince Cable (that PhD is in economics) and former lecturer at Glasgow University and the London School of Economics will lead to the IMF having to bail out the UK. At least that seemed to be implied as the Tories continued to say that only by giving them the keys to Downing Street as a block set will that be avoided.

I'm sure Clarke doesn't think that Alistair Darling a fellow lawyer is better qualified that the former Shell Chief Economist. So that must leave the modern historian George Osborne as the best economic mind to deal with an economic crisis.

It's ludicrous to think that voting for more LIb Dems will lead to a destabilised economy. Indeed one thing we have been saying is that we should get all the parties together to work out an economic plan to get us out of this. Looking at the manifestos of both Labour and the Conservatives one thing that is lacking is that clear plan.

Here's one that George and Ken may want to consider five tests before we start to cut the deficit and indeed possibly before the Tories might end up having to fall back on the IMF.
  • the rate of growth
  • the level of unemployment
  • credit conditions
  • the extent of spare capacity in the economy
  • the cost of Government borrowing
I'm sure both Clarke and Osborne will come across those ideas when they actually get back to scrutinising the Liberal Democrat manifesto* rather than scaremongering and spreading fear. It is the spreading of fear from the Tories that is actually causing the bankers to panic rather than a promise of hope to work through this economic strive together whatever the outcome on May 6th.

However, I guess the Tories are too short sighted to see things that way.

* Scottish version also available.

2 comments:

Carolyn said...

I'm a bit frustrated by these arguments that a hung parliament will spook the markets. We don't run the country to represent or comfort the stock market, we run it to represent the people who live here. And also, trying to frighten people into voting for one of the big parties by saying that the bankers won't like it otherwise is extremely bad PR for a sector whose image could really do with a bit of improvement.

Stephen Glenn said...

Yeah I agree with you Carolyn. Indeed the scaremongering from Ken Clarke and other Tories over this is scandalous.

The fact that David Cameron then last night tried to accuse everyone else of scaremongering when his own party are doing it about the one key issue that the whole country agrees about was ridiculous.

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