Brown to blame, says rightwing thinktank

A report out from rightwing thinktank Centre for Policy Studies puts the banking crisis blame squarely on the shoulders of Gordon Brown. It argues that the reforms introduced by Mr Brown, including a 2.5 per cent inflation target, were deeply flawed and led to excessive and imprudent borrowing and mortgage lending. The report calls for a substantial interest rate cut, investment in infrastructure projects, reductions in personal and corporate tax and improvements in government guarantees for loans to small companies. The report also predicts a severe recession with ‘vicious’ house price falls.