The future was looking bright yesterday. For once a politician was prepared to bite the bullet and deliver the bad news: the western way of life was under threat from more competitive economies in the east and western countries have to shape up and become more competitive or watch their standard of living fade away.
The current governor of the Bank of England has been quietly giving out the same analysis for several years, but not necessarily the same prescription, but tere was at least the prospect of an emerging consensus that the only thing that stops the UK from goin the same way in the next few years is the fact that its currency is not tied to the euro.
But the solution was always the same: cut government spending.
But then we get the worthless point of view from Adair Turner, Mr Executive Hair and Baron Turner of a poxy little village at the back end of nowhere.
"Debt reduction could hit growth for years", says Lord Turner. Unfortunately, Lord Turner is seen by some as a front-runner to be the Bank of England's new governor He is currently the head of the FSA, and has previously had a string of tax payer funded jobs over the last thirty years preceded by a stint at McKinsey, a few years at Chase Manhatten and a few months at BP. In other
In other words someone who is quite happy to see the government spending money it hasn't got and that our grandchildren will have to pay for, because that would keep him in a £400,000 job for the rest of his career.
What we need is a governor who will work for £100k on the condition that nobody else in government, the civil service, local government, the NHS or the BBC earns any more than him.
Do that and we might balance the budget.
Do that and we might see some real investment.
Do that and we might see some growth.