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Peston’s dad slams ‘stupid’ coalition economic policy
Lord Peston, father of the BBC’s business editor, offers a frank analysis of the financial crisis
VIEWERS accustomed to having the latest twists in the never-ending financial crisis explained to them by the BBC's business editor Robert Peston may be interested to hear what his dad has to say on the matter.
At question time in the House of Lords yesterday, Lord Peston, a Labour peer, slammed the Conservative-Lib Dem coalition's economic policies, saying: "When will the Government recognise that the present dire state of the economy is attributable overwhelmingly to their own stupid policies?"
The noble lord (above) was responding to Lord Sassoon, the Commercial Secretary to the Treasury, who had been defending the coalition's policy of reducing the budget deficit in the face of growing calls to increase government spending to encourage economic growth.
British GDP growth has remained low this year and many forecasters fear we are in - or about to enter - a double dip recession.
Lord Peston, who was an economics professor before entering the upper house, added: "Is it not about time that the Government apologised to the British people for what they are doing and accepted responsibility for it?"
Lord Sassoon gave his fellow peer short shrift, and blamed the previous Labour government. "It will not surprise the noble Lord if I completely disagree with that," he said. "The state of the economy today is largely a result of the debt-fuelled boom with its unregulated banks that was allowed to go on for 10 years and more under the previous Government.
"We have inherited a dire situation and the first thing we have to do is to get the deficit under control." ·
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Another leftie who is in denial about the damage 13 years of Gordon Brown did to this country. Now we know that Robert Peston is a card carrying leftie as well - hence he is employed by the BBC. Please note that Sassoon also stated that the banks were unregulated - Brown's excuse was the FSA. He should NEVER have taken the Governor's authority for regulating the banks. And then he spun it as "giving the Bank independence". Pure calumny.