Don’t get me wrong, I’m not the biggest fan of the Head of the Bank of England, Mervyn King, but I do recognise he still know (at the very least) a fair bit about the economy. Now one of the reasons why there has been such little apathy or support for the cuts so far is that the Coalition has been always been able to simply say “Well we are just cleaning up the mess left by the previous Labour government.” which I can say if repeated as often as they do say, does make an impact and it does stick with you. But, that may well about to change.
Although he supports the Coalition’s current policies to cut the deficit (which I’ll disagree with, rightly so), he also over last weekend during the Tory’s spring conference in Wales stated that the real reason for the deficit was in fact not because of the last Labour government. Rather, like what we have been saying for the past two and a half years it was the fault of the banks and more stingingly of all that the action taken to address the financial crisis, in 2008 and 2009, “prevented a repetition of the Great Depression”.
Yes that’s right, the Governor of the Bank of England stated that 1. the deficit is not the fault of the last Labour government and 2. the economic stimulus was the right thing to do. If you’ve watched Question Time result over the last few weeks, the ‘deficit blame game’ is really not working.