Johnson in the saddle ...
The election race is up and running. Boris Johnson is in the saddle, on the platform, in the hospital, in the school, on the case. Never in the field of human voting, have so many photo opportunities been offered, to so many, by so few.
Jacob Rees-Mogg has been shuttered for the campaign duration. A series of unfortunate remarks on LBC about the Grenfell fire, confined the Victorian exemplar to barracks in Somerset. Andrew Bridgen, MP for North West Leicestershire, was dispatched to defend the Mogg.
"Jacob is a good friend of mine. He is an extremely compassionate, intelligent human being". He just doesn't get to meet many poor people. "I think of either of use were in a fire, we would ignore the advice of the Fire Brigade and leave the burning building".
Nanny would advise to tie silk sheets together with lace handkerchiefs, hang them from a window and ask the gardener to test the escape route before toffs lives were put at risk.
"We want clever people running the country and that is why he is in a position of authority", Bridgen explained. As if that were a reason! By the following morning, Bridgen was forced to recant. "I realize what I said was wrong and caused a great deal of distress and offence". [especially in campaign headquarters]. Jacob is not an extremely compassionate, human being ...
Sajid Javid, had his moment in the limelight. The Chancellor announced an easing of fiscal constraint to accommodate an increased in deficit spending of some £20 billion per annum. The spending would be allowed to rise to around 3% of GDP. A modest expansion compared to Labour largesse running into hundreds of billions.
Moody's fired a warning shot.The UK's credit rating has been cut over concerns about public sector finances and fears Brexit could damage economic growth. "No matter what the outcome is of the general election, the agency sees widespread political pressures for higher expenditures with no clear plan to increase revenues to finance that spending".
The OBR forecasts were withheld during the purdah period. The Treasury were not allowed to comment on Labour spending plans. The Bank of England released the November Monetary Policy Report. The MPC agreed to hold rates. Two of the nine members of the MPC voted for a rate cut.
The Bank expects growth of around 1.3% this year and in 2020 with inflation set to remain below the 2% target. It must have been a difficult forecast to put together.
In the absence of any clear resolution about the structure of parliament, spending plans, borrowing targets and the continued uncertainty about Brexit, Governor Carney may well be pleased this will be his first and last submission of the "Monetary Policy Report".
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