Michael Meacher MP

Robert Chote, the OBR chair, is normally a serious and measured man, but to say, as he did, that the UK would suffer ‘irreparable damage’ from a Greek default or that the UK ‘may never recover’ is grossly overdoing it – more reminiscent of the saloon bar than the forum of the Government’s leading economic advisers.   His remarks are also seriously misleading.   It’s not the ‘Grexit’ (as it’s now being called) which is the root of the problem for the UK, it’s the excessive and irresponsible lending to Greek banks and enterprises by UK banks which is now so threatening.   But this time round there must be no question of bailing them out to rescue them from their own foolishness and bad investments. (more…)