I've now managed to read up about Alistair Darling's PBR of yesterday, and I can only say I'm staggered.
Not only is he actually taking more tax back than he is giving away, he has blatantly gone back to the old Labour orthodoxy of taxing the rich. It didn't work then and it won't work now.
I would expect droves of wealth creators in the UK to leave. I really do. I can't imagine why anyone would want to come to the UK to set up a business. Our inward investment will dry up and with it the value of the pound.
And the recession more than half way through? Don't make me laugh.
I just spotted the following on FT.com:
The bond markets will ultimately decide whether these new rules are credible or whether sterling will come under fresh pressure. There were some initial signs of concern in bond markets and it is now cheaper to insure Unilever’s debt against default than the UK government.
Did you understand that? Unilever is more credit worthy than the British Government.
God help us all.