Wednesday, 14 January 2009
New Brown plan; too little, too late
Now he comes, bestriding the country as a Colossus amongst men. Prime Minister Brown has a new plan, known as plan z1.1 or something.
Anyway, it is copied from the Tories with a hint of Vince Cable; well kind of, it is a sort of lukewarm re-hash. Less than half the money and more conditions.
Don't get me wrong, helping small businesses who can't get access to cash from banks is a 'good idea.' It does actually address the credit crunch rather than just throwing money about a la the VAT cut.
But it really has taken 18 months to get this far, several bank failures and the future enslavement to debt repayment for us all as taxpayers. And now we get some credible solutions and even they are nicked.
That is how bad they are at economic policy, even with all their boffins' and hedge fund manager advisers - all they can do it copy the Opposition and make a bad fist of it.
Time to go Gordon.
UPDATE: Have read this morning that the Government will do debt for equity swaps in small businesses. This is a very bad idea. Small businesses are not too big to fail or core to the financial system in the way large banks are. They are by definition easy to set up and shut down. The possibility of huge levels of fraud is immense, as will be the monitotring cost to prevent this.
Although if the Government wants an equity stake in Mrs Slicker's pet behaviour clinic I may change my mind....