now, they were explicit that they didn t like the existing rules of the economic game, they wanted to chuck them. the result was bedlam. i have been following budgets for 20 years, and you watch the screens for the impact on the currency markets, on the value of the pound, on the cost of government borrowing, and ordinarily it never happens, it s a bit of a non event, even thought you re waiting. this time, right from the off, it was an extraordinary movement in financial markets. you could see it flowing tangibly into the real economy. that had started to spook the guys and girls in there, and they had to step in. with emergency intervention. doing the exact opposite of what they said they were going to do a week before, clear sign of a crisis, clear sign of emergency action, and at that point, you started to see the tanker turning round, very slowly. and then when the chancellor was in the us at the imf meetings, his budget was being effectively
and accepted a certain economic orthodoxy, the rules of the game. now they were explicit they didn t like the existing rules of the economic game, they wanted to chuck them. the result was bedlam. i have been following budgets for 20 years, and you watch the screens for the impact on the currency markets, on the value of the pound, on the cost of government borrowing, and ordinarily it never happens, it s a bit of a non event, even thoughh you re waiting. this time, right from the off, it was an extraordinary movement in financial markets. you could see it flowing tangibly into the real economy. that had started to spook the guys and girls in there, and they had to step in. with emergency intervention. doing the exact opposite of what they said they were going to do a week before, clear sign of a crisis, clear sign of emergency action, and at that point, you started to see the tanker turning round, very slowly. and then when the chancellor was in the us, at the imf meetings,
for 20 years, and you watch the screens for the impact on the currency markets, on the value of the pound, on the cost of government borrowing, and ordinarily it never happens, it s a bit of a non event, even thought you re waiting. this time, right from the off, it was an extraordinary movement in financial markets. you could see it flowing tangibly into the real economy. that had started to spook the guys and girls in there, and they had to step in. with emergency intervention. doing the exact opposite of what they said they were going to do a week before, clear sign of a crisis, clear sign of emergency action, and at that point, you started to see the tanker turning round, very slowly. and then when the chancellor was in the us, at the imf meetings, his budget was being effectively unpicked by his prime minister, an extraordinary situation. very rare to get the bank of england governor coming out and talking to you on camera, but he did do it for my team in washington. he wanted to
i have been following budgets for 20 years, and you watch the screens for the impact on the currency markets, on the value of the pound, on the cost of government borrowing, and ordinarily it never happens, it s a bit of a non event, even thought you re waiting. this time, right from the off, it was an extraordinary movement in financial markets. you could see it flowing tangibly into the real economy. that had started to spook the guys and girls in there, and they had to step in. with emergency intervention. doing the exact opposite of what they said they were going to do a week before, clear sign of a crisis, clear sign of emergency action, and at that point, you started to see the tanker turning round, very slowly. and then when the chancellor was in the us, at the imf meetings, his budget was being effectively unpicked by his prime minister, an extraordinary situation.
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