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Darling to downgrade his Budget forecast
Nicholas Cecil10 Mar 2009
Alistair Darling today signalled he will downgrade his economic forecasts in the Budget by stressing Britain had suffered a “very sharp” downturn in recent months.
The Chancellor also said the country's economic situation was still “uncertain” with a “lot of turbulence”.
Asked on BBC Radio 4's Today programme about how difficult it will be to make economic forecasts for the Budget next month, he said: “There is no doubt that in the last quarter of 2008, what we saw was a very sharp downturn, not just in our country, but you saw it in America, you saw it in Germany, you have seen a lot of European countries have now gone into recession.
“There is no doubt that the present situation is uncertain. There is a lot of turbulence out there. But we must, must, must act together.
“Our well-being, our wealth as a country, depends on the health of Europe, it depends on the health of the emerging countries in South America and India and China and so on.”
Before a meeting in Brussels today of EU finance ministers, Mr Darling urged his counterparts to step up efforts to support emerging economies, saying assistance should go first to hard-hit central and eastern European countries whose economies face a funding shortfall this year of £70 billion.
“This is a time for Europe to build on shared values of co-operation,” he added.
Mr Darling also called on the G20 group of leading economies to agree additional support via the IMF.
G20 finance ministers meet in the UK at the weekend, and heads of government will gather under Gordon Brown's chairmanship next month in London.
Reader views (16)
Does anyone actually pay any attention to Captain Darling's forecasts?
He has demonstrated in spades that he hasn't a clue what he is talking about, so his economic forecasts are completey meaningless.
- Keith Lonsdale, Doncaster, 11/03/2009 09:41
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To summarize, Hugh, we have had 12 years of a socialist horde who knew nothing except 'spend, spend, spend', and even though they will be gone within a year or so, their lasting damage to this country will be enormous -- and will last for at least a generation.
- Phil Jones, London UK, 10/03/2009 18:15
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Darling - tell us something we don't already know!
- Dee Jay, Fleet Hampshire, 10/03/2009 17:57
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Government is too big. They try to do too much and interfere with all aspects of our lives. Let me givean exmaple. When one claims JSA they have a complex form to fill in. When one claims Council Tax Benefit there is a broadly similar form. Yet one is processed by national government and one by the local authority. Why not simply merge the two and if you are eligible for one then you become eligible for the other, saving a whole host of administrative effort (and cost!) in the middle.
- Ian Gilbertson, Newcastle, 10/03/2009 17:30
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Mr. Darling, you should have gone to specsavers!
- Anita, London, 10/03/2009 16:59
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Interesting reference to more support to the IMF. Self interest because Darling dearie is planning an application to the fund to make up for the money squandered by his boss?
Clearly boss told him to speak as boss has maintained that he has nothing to apologise for.
I agree, why should he apologise for achieving his aims of hugely enlarging his 'empire', client organisations who are bound to vote for him to keep their jobs?
IMF will force on him and his boss things he should be doing now, and he will then be able to say to his disgruntled supporters, not my fault, IMF requires.
Clearly his intention was to bring about a state whereby he would be able to get control of financial institutions so that he can skim off any cream and dilute the milk from whole to watery skimmed, ultimate end is to control financial levers to divert to his view of what things should be, meaning that our standard of living will be gratly reduced, whilst he and his continue to live off the fat of the land, just like EU commissioners and the former counterparts in the Soviet Union, the Kommisars.
That being his intention (and that of Darling, given his past affilation with Soviet like associations), why should he apologise, he expects praise.
He wants austerity to be the byword of the day, and he and his will send the stasi organsations out to ensure austerity whilst supping on his scotch and cream teas and caviar on the side.
- Hugh, Middx, 10/03/2009 16:44
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If only it included his and his whole parties resiginations then we may have something to cheer about
- Mike, London England, 10/03/2009 16:36
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oh really, now there's a surprise.
if the chancellor has only recently appreciated the sharp downturn in team uk's fortunes, i would suggest he cleans his glasses so better to see the writing writ large upon the wall that all us hapless citizens have been sadly contemplating this past years, or so,
if not dripping wet, inept, then what can his excuse be?
- M.O'Brien, london.uk, 10/03/2009 16:26
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Sure is 'no time for a novice', is it Ali Bongo?
And why do both you and Gurner Gordon ALWAYS make me crack up?
- Dave, Cumbria, 10/03/2009 15:52
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What Darling missed from his list of items upon which our future wealth depends were (a) a government that knows what it is doing; (b) a government that faces reality rather than living in its own fantasy world; (c) a government that shows regard for the electorate by not lying consistently to people and owns up to its own failings; a government that puts the national need before its own electoral prospects. Since the Labour can do none of these things, Darling should shut up, resign and depart with the rest of Brown's motley crew of disreputable failures. We need an election not platitudes.
- James Elliott, Eastbourne UK, 10/03/2009 15:36
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Dear Darling,
Your prime responsibility is to this country and its inhabitants. You were elected to serve us - the British, so don't you forget that.
- Tony H, godalming, 10/03/2009 13:32
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I hope his budget will include a reduction in his cabinet members raiding and pilfering the coffers to fund their personal extravagances on their pensions, homes and expenses.
- Peter Noterfed, Paris, France, 10/03/2009 13:22
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Simply, I am in complete accord with what Scott has written. I feel very depressed about my country. I now feel our only help is with the BNP.
- Robert, London, 10/03/2009 11:59
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"Britain had suffered a "very sharp" downturn in recent months".
And the next contestant on Mastermind is Alistair Darling. His specialist subject is "The Blindingly Obvious".
- Nobby Clark, Perth, Scotland, 10/03/2009 11:39
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Better apply for a job as a weatherman darling, that's the kind of vocabulary they like to us (though unlike you, their forecasts tend to be accurate these days)
- Marianne, SW France, 10/03/2009 11:07
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So typical of this Govt. Whilst our own are losing their jobs and homes, we have a so-called duty first and foremost to our 'European partners'.
We have a higher national debt than any other country in the EU, and there's no doubt Britain will be hit hardest (as stated by all the independent professional bodies). People have to realise what the EU means to Labour. Just look at the positions the likes of the Kinnocks and Tony Blair now have in the EU.
This Govt is selling us down the river for their own gains.
- Scott, London, 10/03/2009 10:55
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