So, here’s Nobel Laureate, Paul Krugman:
I still think his economic policies have been pretty good. They really kind of lost their nerve on fiscal policy, but I do understand it’s harder to do it here. I think the UK economy looks the best in Europe at the moment. I have no position on all of the crazy stuff. But I think the policies are intelligent. The fact of the matter is that Britain did manage to stabilise the banking situation. I’m not ecstatic, but I’m not sure I know what I could have done better.
If the government can hold off having an election until next year, Labour might well be able to run as “we’re the people who brought Britain out of the slump”.
I would be very surprised to see Labour win the next election.
But in any event, it would be a remarkable irony, for Labour and for Gordon Brown, if Krugman turned out to be right.