The Chancellor's policy of 'credit-easing' is hugely significant and could be the game-changer we have been looking for.
By abandoning quantitative easing, which relied on banks passing on newly-created cash, the Chancellor has cut out the middle man, getting it directly from the Treasury to the high street.
You have to admire the Chancellor's nerve above all else. With the markets going crazy, even the prospect of the UK's credit rating being downgraded, as happened to the US recently, he has once again, calmly stuck to his guns.
And those guns tell him that borrowing more money to solve a problem caused by borrowing too much money in the first place is no way to dig the country out of its financial hole.
This all sounds like my kind of financial common sense, but with some very influential people on his side of the house calling for top rate tax cuts and a lower VAT rate, they must have been hard to resist!
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