Tim Price: Hard money for hard times
Comment of the Day

May 17 2010

Commentary by David Fuller

Tim Price: Hard money for hard times

This letter from PFP Wealth Management is always interesting. Here is the opening quote and the concluding paragraph
"Britain in 1945. No supermarkets, no motorways, no teabags, no sliced bread, no frozen food, no flavoured crisps, no lager, no microwaves, no dishwashers, no Formica, no vinyl, no CDs, no computers, no mobiles, no duvets, no Pill, no trainers, no hoodies, no Starbucks.. Heavy coins, heavy shoes, heavy suitcases, heavy tweed coats, heavy leather footballs, no unbearable lightness of being. Meat rationed, butter rationed, lard rationed, margarine rationed, sugar rationed, tea rationed, cheese rationed, jam rationed, eggs rationed, sweets rationed, soap rationed, clothes rationed. Make do and mend."
- From 'Austerity Britain 1945-51' by David Kynaston.

If there has been a spirit of hopefulness about British politics this last week, it is soon to collide with some harsh realities. The impact is likely to be brutal. In 1945, the people had been through six years of grinding warfare and the nation was getting by on a mixture of grit and resignation. The end of food rationing, for example, would not come until 1954. In 2010 there is some small sense of resignation about what is to come but precious little evidence of grit. A citizenry spoilt by handouts, made plump by a sense of institutionalized entitlement and made economically slack by a deeply entrenched welfare system now waits to see what its new politics can deliver. The phony war is over. The real war is about to begin.

David Fuller's view The new UK government's best chance arises from the widespread belief that it has won a poisoned chalice. Few people expect the coalition to last. It may not, but I believe it will be better for the country if it is able to serve a full 5-year term. Meanwhile, Euroland's travails and spending cuts have shown UK citizens the seriousness of their own country's economic plight.


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