Quotes have been released from the Sky News interview with the Prime Minister tonight, and one catches my eye. He talks about City firms misbehaving. Kay Burley asks him how. He answers:
“What we are discovering is that there were large off balance sheet activities that were being run by some of the major companies in the world, I’m not naming any individual companies, because many companies were involved in this. They were not fully disclosed, they were therefore the problem that had to be dealt with when the markets started to fall.”
Hmm – large off-balance sheet activities? This from the man who has so far kept at least £50 billion of capital spending off the UK balance sheet in PFI deals, as our cover story spells out. Brown has applied the “creative accounting” tactics of the City to government.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in