Yet another broadside against Brown’s economic management

For the third day in a row, the head of a prominent independent body has given Gordon Brown a kicking.  After Lord Turner’s attack on Brown’s regulatory system, and Mervyn King’s comments yesterday, Steven Bundred, the chief executive of the Audit Commission, today laments our massive public debt.  His article in the Times (headline: ‘Our public debt is hitting Armageddon levels’) is well worth reading in full, but here are a few key passages:

“Those who are too young to remember [1975-76 and 1993-94] would do well to learn about them fast – because even the dark years of the mid-1970s and the early 1990s may look like days of wine and roses quite soon…

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Matthew Lynn

Spain will regret its 100 per cent expat property tax

…With the debts of the nationalised and part-nationalised banks now on the public sector balance sheet, the ratio of public sector debt to GDP in the UK exceeds that of Italy and Japan.