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German FM criticises Britain's 'crass Keynesian' policies: report
AFP
Thursday, Dec 11, 2008
The German finance minister has launched a highly unusual attack
on Britain's economic stimulus package, saying it will not fend
off recession but will leave the next generation saddled with
debt.
In an interview with Newsweek magazine, excerpts of which were
published Wednesday, Peer Steinbruck said the government's switch
from financial prudence to heavy borrowing was "breathtaking"
and "crass Keynesianism".
He accused Prime Minister Gordon Brown's administration of "tossing
around billions" with its 20-billion-pound stimulus plan
to cut tax on goods and services, funded by borrowing more and
increasing taxes after 2011.
(ARTICLE CONTINUES BELOW)
It is highly unusual for a diplomat to be so publicly critical
of an ally's policies, and Steinbruck's remarks will only add
to simmering tensions between Britain and Germany on the eve of
a European Union summit.
"Our British friends are now cutting their value-added tax.
We have no idea how much of that stores will pass on to customers.
Are you really going to buy a DVD player because it now costs
39.10 pounds instead of 39.90 pounds?" Steinbruck told the
magazine.
"All this will do is raise Britain's debt to a level that
will take a whole generation to work off.
Full
article here
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