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.
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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.