Update: bankers tightening their grip

A banker appeared on Radio 4’s PM programme this evening at about 5.30 p.m and celebrated the new coalition’s plan to remove control over government spending from the newly-elected government.

He was referring I believe,  to the proposal for a full spending review, by (he suggested) an ‘independent commission’  to report by the autumn, and to decide where cuts in spending will come.

He was I believe a senior economist with Credit Suisse, and said something along these lines: “the government has already handed control over interest rates (monetary policy) to the Bank of England. Now the proposal is to hand control over fiscal policy to a non-governmental body. That will give us, the markets, great confidence…..”

In their policy statement the Con-Dem alliance (hat tip to the Duke of URL) commit to “establishing an independent commission to review the long term affordability of public sector pensions, while protecting accrued rights.”

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4 comments to Update: bankers tightening their grip

  • the.Duke.of.URL

    Oh, dear. Keynes would be turning in his grave if he could. This is getting ridiculous.

    I am beginning to feel completely impotent. What the election was actually about and what the public thought it was about are two different things. When Clegg and Cameron talked about governing ‘in the interests of the country’ when they were trying to forge a coalition, such talk might have been reasonble. Now we have junior MPs using the same language, but in a manner which has turned it into a kind of nauseating mantra devoid of serious content.

  • Martin Hyams

    Oh well, at least “we’re all in this together”. Apart from Lord Ashcroft.

  • Joe Smith

    There is a good piece by Aditya Chakrabortty in today’s Guardian summarising where the UK now finds itself.

    The url is http://www.guardian.co.uk/commentisfree/2010/may/18/brain-food-markets-politics-religion .

  • I am beginning to feel completely impotent. What the election was actually about and what the public thought it was about are two different things. When Clegg and Cameron talked about governing ‘in the interests of the country’ when they were trying to forge a coalition, such talk might have been reasonble. Now we have junior MPs using the same language, but in a manner which has turned it into a kind of nauseating mantra devoid of serious content.
    +1

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