Oh dear.

We are now into what looks likely to be a very deep and long-lasting recession. What's more, the government seems intent on compounding the terrible decisions it made which brought us to this place with even worse ones in a doomed attempt to get us out.

Increasing public spending is the wrong thing at precisely the wrong time, and will inevitably make the situation far, far worse. We've been down that road before, and the consequences were pretty horrific. Even Jim Callaghan knew you couldn't hope to get away with what Brown is attempting, but then hindsight is not something that troubles Brown, who famously listens to no-one. He has persistently ignored best advice, which is why the country is in such a poor position, and why it will continue to get worse until he starts to see sense, or is removed from office. My money is on the latter.

Brown's answer to the economic hardship for which he is largely responsible is to lurch to the left, yet this it no time for outdated and discredited political dogma. Instead, he should just cut taxes and stop throwing away the money that this seriously indebted country does not have. The economy needs a stimulus, not another mortgage.