SIR – The simmering correspondence on the economy between David Barlow, Councillor Francis Lankester and Richard Boorn (Worcester News, June 3 and before), is diminished by party political interest.
There can be no doubt that the greatest blow to the economy and primary cause for the deficit is the bailout of the banks.
Reason dictates it, and for Councillor Lankester to pretend otherwise is to be in denial.
However, it should not be forgotten that Gordon Brown (world saviour or not) together with his unbridled Tory cheerleaders stood adamantly against any tightening of regulation, supported risktaking, and thought that the system that ultimately crashed would go on forever.
One only has to read his 2006 Mansion House speech to appreciate just how deeply he was implicated in a doomed system of over-leveraging and worthless securities.
David, this WAS the economy that was “doing very reasonably”. The casino economy was New Labour’s economy!
The best that can be said for Brown is that he did not fully understand the international financial system. Had he done so, he would not have made his 2006 speech but warned the world against excess instead. To promote Brown as a candidate for the IMF director, Mr Boorn, is therefore irrational.
PETER NIELSEN
Worcester
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