Today's economic news

When last weekend I was involved in a discussion on the BBC Politics Show West Midlands and spoke about the economic difficulties the country faces, I was accused by my Labour opponent of "talking Britain down". Today the Times covers here the country's January borrowing of £4 billion at a time when records have always shown a surplus, and the Government itself budgeted for a positive £2.8 billion. In addition BBC News reports here about the biggest fall in retail sales between two months, December and January, for a year and a half. The survey that we are doing this month on the doorsteps and on the phone demonstrates that there are still some people who don't fully appreciate the severity of the problems we face, but the majority know that things will have to change. I was astonished that there was a tiny amount of growth recorded in quarter 3 of last year, as all of the evidence seemed to show a continunig decline. It is only recognising reality to suggest that the first quarter of this year will be bad. No organisation, whether a household, business or country can carry on with a mismatch between income and expenditure as big and long as we have experienced without serious consequences. The task facing an incoming Government is increasing all the time. The sooner we make a start the better.