The Bank of England shattered Alistair Darling's Budget forecasts today as it predicted the economy will shrink by 4.5 per cent this year. Stamping on recent talk of 'green shoots', Governor Mervyn King also warned there was only a 50/50 chance of growth returning by the middle of next year. Even that timing was 'highly uncertain' because it was impossible to predict when the recovery would start and how sustainable it might be, he said.
Honestly, the furor surrounding MPs expenses pales into insignificance when the real Labour confidence trick is exposed.
Their budget performance was an exercise of smoke and mirrors - in other words outright lies and subterfuge - and they are still trying to fool the public by suggesting that the economy shows real signs of recovery.
So, Supermarkets are showing increased profits. Well, they will. People are eating 'in' rather than 'out', and cheap clothing makes more sense for the moment. Look in the shopping malls and see just how many customers are NOT there.
The housing market is picking up. Look how far house prices have fallen! some improvement is inevitable.
But, manufacturing Industry is almost at a standstill.
Unemployment seems set to break records.
The pound is very weak. Saving levels are at rock bottom
House repossessions are soaring. Lending is at best sluggish.
June is coming and it will be time to send Brown and his Liebour government a message. VOTE LABOUR OUT!