Friday, February 06, 2004
In defence of Gordon Brown
Posted by David Smith at 08:00 AM
Category: Thoughts and responses

Since 1997, when Labour took office in Britain, the consensus has been that it has run macroeconomic policy very well, while benefiting from Conservative microeconomic reforms (reduced union power, deregulation, etc.). It is a charge that Gordon Brown and his advisers find intensely irritating. They argue that Labour's microeconomic reforms are as important as the stability created by macro policy. In this speech Gus O'Donnell, the UK Treasury's top civil servant, makes the case. I'm not entirely convinced.