Will the re-writing of the rules be the real Black Wednesday moment?

There has been a lot of speculation surrounding the re-writing of the two fiscal rules that Gordon Brown has used to underpin the economy for the last eleven years. The speculation stems from the fact that the Government does not have enough money to handle the downturn without breaking the Golden Rule.

There has also been past talk of Gordon Brown's Black Wednesday, from myself too. I suspect that if the rules get re-written we will really witness the Black Wednesday moment. It will be the point in time when the Government's economic policy is destroyed completely.

If only the Government had actually stuck to it's rules and planned for the bad times, their policy would have worked. But they didn't - so it won't. And another thing, I'm not an economist, but how can the current economic cycle be ending now and have started in 1997? In 1997 the economy had been growing for 4 years and was looking towards 11 years more growth - surely the cycle started in 1990 when we were heading into recession! Maybe that's why I'm not an economist.

Anyway, watch out for the Brown Wednesday when the rules get re-written. It will happen.

Squiffy.