The Government now gives the impression of a typical English sports team that troops off the field happy that it has 'played the game' but been defeated by a cheating opposition. The game was an old-fashioned Canute exercise in defending political pride and an overvalued pound. At this point interest rates should be driven right down to permit economic recovery and to allow sterling to re-enter the ERM at too low a rate. A jambalaya of stout stands and whispered leaks is not a substitute for a policy sensible enough to build confidence.
EDWARD DE BONO
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