Comment
01 Dec 2002
Right after the Enron and Worldcom scandals rocked world markets, Mr Brown announced a massive increase in public spending.
The economists tell us the greater the level of public spending, the greater the potential for disaster. UK markets took a bit more of a knock at the news.
But things settled down. We had the most successful Southampton Boat Show on record: astonishing sales were recorded; the marine mortgage companies reported record lending.
Then the rumours began: Mr Brown had got his sums wrong. The rumour was £7bn.
Now Mr Brown says we need to borrow an extra £9bn this year. And another £11bn next. City analysts say the total could be more than £30bn.
Of course, it wasn't Mr Brown's fault. But it never is, is it?
On top of all this, SMEs say they are not pleased with Messrs Blair and Brown. Mr Brown's April budget had angered SMEs by putting the major tax raising burden on business.
Now a survey in The Sunday Times says 59% of SMEs reckon the country's going in the wrong direction, with too much red tape and anti-small business attitudes from New Labour.
And the analysts say Mr Brown's glib, offhand explanation that his borrowing will be covered by an early recovery is less than convincing.
Add the firemens' strike - with Mr Prescott in control (? ) - and we have to wonder if we're in for another winter of discontent if other unions support the FBU.
At least interest rates are still low which, as we approach the London Boat show, is an important factor for us.
This is our last show at Earls Court: it will be strange to leave. But the next step to ExCeL is becoming less of a step into the unknown as more people recognise the potential benefits of the move.
Let's use those low interest rates and make it a show to remember.






