A must-read this morning is Anatole Kaletsky’s damning assessment of the yesterday’s developments in the Northern Rock saga. Kaletsky is one of the most respected economic commentators in the world and – as a former colleague – I know that he does not make such sweeping statements lightly. He was, moreover, well disposed to Gordon Brown from the start, and certainly has no ideological axe to grind. His verdict – that the Prime Minister’s economic competence is shot to pieces – will send a chill through the already glacial corridors of Number Ten.
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