CouncIllor Terry Fox has handed George Osborne the title of Worst Chancellor Ever after just over one year of trying to reduce the budget deficit of one trillion pounds left by the last Labour administration.
A selective memory is a requisite for any politician but Councillor Fox’s surely beggars belief. Did he not notice Gordon Brown’s sell- off of half of Britain’s gold reserves, some 40 tonnes of gold, at the bottom of the market.
He even announced in advance his intention to do this, which reduced further the price he was able to receive, around $280 per ounce. Gold is now valued at over $1700 per ounce! To compound the error Brown then used OUR money to buy euros!
Shortly after this wonderous economic manouvering Brown introduced a £5billion pounds per year tax grab on our pensions. So far this has taken some £60 billion out of our pensions. Is it any wonder our pensions are now in such a parlous state and final salary schemes are no longer affordable?
Not to worry, our Gordon made numerous speeches promising there would be no more boom and bust so at least he got that right.
Ah I hear Terry say, this economic downturn was all the fault of the bankers using our money to fund ever more risky hedges and shorting scemes to earn money for GB plc.
As always with these things this is partly true, but there was someone making speeches in government and in the city exhorting more bankers to take greater and greater risks to bring in the cash he needed to fund ever more costly and unsustainable public spending.
You’ve guessed it, step forward Chancellor Gordon Brown.
So if Councillor Fox really wants to start handing out the worst ever awards he needs to start looking a lot closer to home.
Martin Laurie, Sheffield