Found an article on the Gov.uk site called Denning Lecture 2010. The following is a short transcript from that "report": In the private sector the adjustment that deflated these bubbles was swift and brutal. The rapid contraction of retail - including the sudden disappearance of long-established names like Woolworths. The collapse of building many contractors. But the public sector carried on growing. For a while, it could afford to. And in part that was based on an economic calculation that the public sector had to support the economy temporarily. Which it did. But this could never last forever, and now the right thing is for it to plan an orderly return to solvency, rather than run the risk of a “Woolworths moment” in the public finances.
Posted on: Sun, 15 Sep 2013 20:42:17 +0000
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