0900 GMT London Saturday 15 November 2008: KHOODEELAAR! No to “irresponsibility by holders of power at the expense of the public”, No to “wasteful crassly conceived ‘big infrastructure’ diversions away from the priorities in transport and in the overall economy…”, No to ‘unaccountable ’local’ councils and the equally unaccountable, untruthful, unrecognisable other seekers and holders of other publicly paid for posts and platforms in the name of the local community…No to “the ADDING of NEW dislocation, disruption, poverty, deprivation under covers of the Crossrail scam…” CAMPAIGN updating on the over-hyped, spin-driven. SHORT-term, propaganda-linked behaviour of the Crossrail;-scam-backing Gordon Brown regime.…[To be continued]
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Gordon Brown risks ‘collapse of sterling’ says George Osborne
Gordon Brown is risking the “collapse of sterling” by borrowing his way out of economic turmoil, George Osborne has warned.
By Graham Tibbetts
Last Updated: 8:09AM GMT 15 Nov 2008
The shadow chancellor, who breached political protocol by potentially talking down the pound, said the Prime Minister was pursuing a “scorched earth” policy with the intention of leaving the economy in ruins for a Tory government to inherit.
In an interview with The Times, he said that people know instinctively that no government can borrow its way out of debt.
Mr Osborne said that the resulting weight of debt will stifle recovery and jeopardise the future of the pound.
“Sterling has devalued rapidly against the euro and the dollar,” he said.
“We are in danger, if the Government is not careful, of having a proper sterling collapse, a run on the pound.
“The danger of a run on the pound . . . is that it pushes up long-term interest rates, which is a huge burden on the economy.
“The more you borrow as a government the more you have to sell that debt and the less attractive your currency seems.”
Mr Osborne’s words could be seen as breaching the convention that senior politicians avoid warning of runs on sterling, for fear that their words become self-fulfilling.
The pound slipped to a 13-year low against a basket of other currencies today.
Its value against the dollar rate fell below 1.48 dollars, while against the euro it reached a record low of 1.17.
Mr Osborne insisted he was ready to oppose any “unfunded tax cuts” unveiled by Chancellor Alistair Darling in the Pre-Budget Report on November 24.
“What we are in favour of is funded tax cuts,” he said.
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