No doubt there will be a mini internal inquest today within Cameron’s team over why his flagship speech included an exhortation to the general public to pay off their credit cards.
The clear implication of a prime minister asking the public to stop spending – at a time of a potential double-dip recession – was not lost on anyone today. Cameron was also under pressure from those who did not like the sight of a millionaire “lecturing them” (in the words of Ed Balls) over managing their household finances. And meanwhile GDP growth for the second quarter has been downgraded to a feeble 0.1 per cent. Read more