Economic Gloom Brings Brown Under Fire

We appear to be in the midst of a growing sense of global finger-pointing.  As the Davos forum came to a close with nothing concrete to call a plan or course of action to tackle the world crisis, many seem to have begun to try and find people to blame for what has happened.  While some never viewed the forum as much more than a group of celebrities and world figureheads coming together to feel some mutual peace ‘n’ love, others hoped it would provide some answers in how best to go about economic recovery.

In the UK, it is of course Gordon Brown who has come under fire again.  In his latest interview, he defended himself and his apparent choice not to stop loan mortgages of 125% of the value of a property – a lending practise which Northern Rock were advocates of, and which has been frequently viewed as something of a continuing factor to blame for the UK’s slide into recession.  Ministers are accusing the PM of having “learnt nothing” during his time as Chancellor.  Mr Brown rebuffed the claims saying that when interest rates are low enough, people can afford loans such as those at Northern Rock.  But critics say that they are part of the poor credit regulations and standards which have ultimately led to the current chaos.

People are now turning to such drastic measures as payday loans and other cheap, high APR but low-risk loans in order to secure funds, which may make the situation on personal debts even worse than it already is.  The PM certainly has a lot to answer but seems unwilling to shoulder any of the blame for the situation the UK now finds itself in.

Is it fair though that Mr Brown is rejecting claims that the UK has led the world into disaster?  Perhaps he is, but equally it might be time for him to start to face the music and own up to some of the responsibility…

Explore posts in the same categories: Economy, Finance, News, Topical

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One Comment on “Economic Gloom Brings Brown Under Fire”

  1. UK Voter Says:

    This is the fundamental problem, Gordon Brown has yet to accept any responsibility for where we are today and in doing so, not only does he insult our inteligence, but he demonstrates that he lacks the humility and integrity required of a true (or great) leader…and that is precisely what we need at the moment.

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