The Red Book, The Observer and false memories of Thatcherism

Written by Ashwin Rattan Sunday, 08 April 2012 09:55
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Extracted from The Observer

''At a recent seminar at the National Institute of Economic and Social Research, Adam Posen, a lively member of the Bank of England's monetary policy committee, drew attention to a point which has also been made in this column: the reason why the US economy has been recovering and ours has not can be explained largely by its different stance on economic and financial policy.

And that redoubtable Labour party veteran, Austin Mitchell MP, points out in an interesting new publication, The Red Book (Searching Finance) that "George Osborne assumed that what had worked for Thatcher (fighting inflation) would work for him (fighting deflation). He didn't seem to understand that Thatcherism seemed to work only because North Sea oil rescued her from her own follies.

Obsessed by debt, he also failed to realise that Britain faced… a collapse in demand for which very different remedies were needed."


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Last modified on Sunday, 08 April 2012 10:32

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