Brown attacks tax cuts & spending... in 1997

Just read an interesting post over on the FT's Westminster blog. Worth a read.

I wrote in my last post that new Gordon is reckless and has essentially jetisoned his prudent past while Cameron was acting like Gordon of old.

The FT blog has unearthed an HM Treasury document written by Chancellor Brown in 1997 about the lessons of the previous economic cycle. He makes the case for difficult decisions, warning against kneejerk tax cuts and increases in public spending, and concludes that it is important to adopt a prudent approach and wrote: "Therefore a lesson from past mistakes is that policy makers should err on the side of caution.”

If that wasn't ironic enough given Brown's impending 'kitchen sink' approach to economic management, Brown also warns against "a lack of constancy" with fiscal rules! Hilarious!

So Gordon Brown's political transformation seems complete. He has gone from Prudent Gordon to Reckless Gordon.