I think Gordon means well and is ‘straight’, the problem is people just don’t really like him. Also, this argument about him being an un-elected Prime Minister is understandable, but not really true. We don’t vote for a Prime Minister in an election, but our local representative. It is up to The Party to decide who will lead them, not the electorate.
However, selling the gold reserves was reckless. Allowing the expansion of credit to create the illusion of economic growth was reckless. Expanding the population so suddenly was reckless. Allowing property to bubble was reckless. Unemployment is increasing and will need to be paid for. This country is becoming degraded.
However, the Tories always manage to make a bigger mess of things with even higher interest rates. I’m not confident they will sort things out. And sometimes it’s not in the best interests of a party to win an election – this may be one of those times.
I’ve a gut feeling that we may be in for a big interest rate rise in the near future. It may be prudent to lock into long term (10 year rates) now. Scandinavian rates are at 15%. India is 12%. Our current rate of 5.5% may look rather cheap this time next year.