Alistair Darling goes into the weekend a happier - not to say smugger - bunny. The two letters to the Financial Times from a total of more than 60 economists backing Darling's course, and rebuking Shadow Chancellor George Osborne for his over-eagerness to cut public spending, are just what the doctor ordered.
The mantra 'It's the economy, stupid' has never been more apposite than in this general election. If Labour can prove to the general public that they have the wisdom to see us through this crisis, and that the desperate duo of Cameron and Osborne risk making matters worse, then they have a good chance of holding onto power.
Darling's argument is simple; start cutting back on public spending too soon and we will see a lot more young people on the dole queue. Wait until 2011 before introducing serious cuts and Britain has a chance of averting a social disaster.
Osborne, on the other hand, wants to start the big squeeze the moment he gets into power (how big an 'if' that is, we'll come to). He has been holding up a letter written to the Sunday Times by 20 economists backing him, which he has taken to be evidence that a consensus of economic experts supports his policies.
Wrong again, Mr Osborne. The two letters to the FT suggest that the majority of economic academics are on Darling's side. (Even Osborne, reviled by many in the City to the point where increasing numbers hope he will be replaced before he gets the keys to the Treasury, can see that 60 trumps 20.)
Friday 19 February 2010
60 economists give Darling a reason to smile again
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