Thursday, October 28, 2010

Britain was not on the brink of bankrupcy - ex-Head of Civil Service

A Tweet pointed me to an FT page. Surprisingly, the page was not protected by a paywall. In case this is a temporary error, I am, in the public interest, pasting the page here for all to see, with due acknowledgments, credit and respects to the FT, its journalists, management structure and shareholders.

There Is No Alternative. TINA. Familiar phrase, an egg laid by Thatcher, Hatched by Blair, and now brandished menacingly by Osborne.


 

Lord Turnbull: UK was not on brink of bankruptcy

October 28, 2010 2:04pm | 

An interesting exchange at Treasury select committee this morning, where Lord Turnbull - former head of the civil service - seemed to question George Osborne’s claim that Britain was on the brink of bankruptcy until now.
Chuka Umunna: “You said that you didn’t think the issues that had been raised in relation to sovereign debt and the UK were relevant. What did you mean by that?”
Lord Turnbull: “Well I always thought that we were capable of producing a financial settlement that wouldn’t take us into Irish and Greek problems. Secondly, a very large part of our debt was domestically held. If people are going to sell gilts they’ve got to buy something else. Who are these great shining examples of people who are issuing rock solid debt you want to buy?”
Chuka Umunna: Do you think it is accurate to describe the UK as being on the brink of bankruptcy?
Lord Turnbull: No, I don’t.”


October 28, 2010 2:04pm in UK politics |

11 comments:

Anonymous said...

The FT isn't behind a paywall like the Times - you have a particular number of articles (like, 2 a month or something) you can read before registering, and then if you register you can read about 9 a month.

Anonymous said...

It's even better. We provide ft.com/westminster (voted fourth best media political blog last month) for free, out of the goodness of our hearts. All the best, Jim

DocRichard said...

Thank you for clarifying the situation. I'm off to ft.com/westminster to sign up.

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rob said...

-Ode to George-

We've heard how Gideon's bible
aided good Rocky's revival
but will he beat all
forecasts for a fall
Or dash hopes of a coalition survival?

(Apologies to Macca and poets everywhere)

DocRichard said...

Some of this went over my head, Rob. Is that the Stallone Rocky? I have heard of, but never seen the man. Macca is the beatle right? Didn't know he did limericks.

Sorry I am so uncultured. I agree with the general drift though, if it is that Osborne is about to vandalise UK plc.

rob said...

-Doc-

Rocky Raccoon was the eponymous hero in one of Macca's tunes on The Beatles (beat all) "White Album" in which Gideon's bible got an honourable mention.
It is just a silly rhyme of mine, I have no pretensions in that regard, but if it indicates a sense of crossing fingers time or drift then that's fine by me.

rob said...

-Doc-

Incidentally, I was not attributing any connection between the not so honourable Doc of that delightful ditty to your good self.
"Uncultured" surely a trace of irony there? Or were you thinking of your gardening at the time?

DocRichard said...

Uncultured because I missed the references to Rocky Raccoon. Mitigation: no Raccoons here. Only foxes.

rob said...

-Doc-

Ah! Just a sly dig then?
;)