Oh Dear

Labour greatly increased borrowing before the recession. Germany’s reserves were $286B before the recession started. Germany’s savings was 8% of it’s GDP , Britains borrowings are 10% of it’s GDP. As a consequence sterling has fallen by 30% . ... Merkel and Sarkozy gives the impression of disagreeing with Brown over fiscal stimulus. Merkel does not believe the success of Germany’s economy should be squandered propping up those who have been profligate.
Brown in the early 90s said in reaction to the scale of the devaluation of the pound ” A strong currency is the sign of a strong economy”. When the pound was devalued under Wilson it as a reflection in the decline of the British economy.
( Charlie On Liberal Con)

E&Y have predicted that the Government will have to borrow £350bn over the next two years. To put that figure into some sort of perspective, that’s more than the total borrowed by British Governments between 1690 and 1997.

No Panic then