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We cannot let the G20 go by without comment on this forum.
There is no doubt at all that the G20 was the biggest exercise in spin in history. The fact is that whatever their postuering none on the leaders there could risk a failure. Talks of walk-outs, spats and differences were primarily for domestic consumption and had no traction in the conference itself. So heavily spun was this conference that even reports of 'Gordon worked the room' were nothing to do with journalistic observation but all, but to do with Gordon telling them that was what he did.
The BBC, Labour's cheerleaders in chief, fell for the spin hook line and sinker and with a lack of real things to say about what went on all the news outlets were initially 'on message'.
That did not last. 24 hours later serious journalists started asking some serious questions. They started, inconveniently, asking about the £1tn. What became obvious was that this is no stimulus and the Brown demands for initially a £5tn stimulus, downgraded to £3tn, then spread from being over one year to two, was nothing to do with this £1tn over an undefined period. They started to realise that this is all smoke and mirrors, the money does not exist or certainly not as 'new money'. It was a big con trick.
Today in the News of the World, Fraser Nelson describes the G20 as a 'soufflet summit', tap it and its gone. He pointed out that there has been no deal to save the world at all, despite the impression the Government tried to give.
Credit where credit is due, though, Brown did do well. He did not achieve any of his boasts, certainly none of his much boasted stimulus' but seeing that what the economy needs is confidence, this 'soufflet summit' and all the spin, does have a role to play as far as the consumers are concerned, if not the economic experts. We cannot though, get away from the fact that Brown is fully responsible for just how badly the UK is positioned in this recession, so just one cheer.
Darling today brought us all down to earth from the G20 spin with a bump. He has admitted what I said on this forum after his Pre-Budget report, that he was too optimistic with his forcasts and the recovery will take longer to start. He is now saying the end of this year but I still believe early 2010 is more likely. The public will not feel the benefit until late 2010 or even 2011, unemployment is a lagging indicator and c. 3.5m is likely to be reached before it gets better.
We still have a very difficult year ahead. The G20 solved nothing.