Saturday, August 30, 2008

Chancellor admits economy at 60 year low

In an amazing interview in The Guardian, Chancellor Alistair Darling has admitted that the British economy is facing "arguably the worst" economic downturn in 60 years.

The following are some extracts from the Guardian article about the interview

"Britain is facing "arguably the worst" economic downturn in 60 years which will be "more profound and long-lasting" than people had expected, Alistair Darling, the chancellor, has told the Guardian today.

In the government's gravest assessment of the economy, which follows a warning from a Bank of England policymaker that 2 million people could be unemployed by Christmas, Darling admits he had no idea how serious the credit crunch would become.

"The chancellor ... admits that Brown and the cabinet are partly to blame for Labour's woes because they have "patently" failed to explain the party's central mission to the country, leaving voters "pissed off".

In a candid interview Darling warns that the economic times faced by Britain and the rest of the world "are arguably the worst they've been in 60 years".

To deepen the sense of gloom, he adds: "And I think it's going to be more profound and long-lasting than people thought."

You can read the full article

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