Wish I hadn’t said that…
As sterling sinks to a 7-1/2 year low against the dollar, traders and investors are wondering who was the established political figure that made the following comments when Britain was kicked out of the Exchange Rate Mechanism in 1992.
“A weak currency arises from a weak economy which in turn is the result of a weak government.”
Answer: Gordon Brown, then Shadow Chancellor, in an article in London’s Evening Standard newspaper.
History may have caught with Gordon Brown, but it has to be stress that his statement released on Evening Standard does not entirely reflect the current economic situation. The international economic mechanisms have broken down and the United Kingdom can not fix them on its own even if great savings where made in booming time. To show his flexibility, he has even tried to borrow Tories policies, which he intends ti implement soon though noone knows whether this will work or not. Gordon Brown has the credential around the world as one of the best economy managers and the situation he finds himself in is rather exceptional, but as in any good democracy, he has to be held responsible