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Advisers slam drama Chancellor Darling

Advisers have dismissed Chancellor Alistair Darling’s claims that the UK is in the worst downturn since the end of World War Two.

They believe Darling’s claims published over the weekend that the economic troubles “are arguably the worst they have been in 60 years” contributed to the pound falling to a record low against the euro.

SimplyBiz chairman Ken Davy says: “At this stage, it is impossible for anyone to say how deep the recession will go. The Government is totally confused and does not know how to protect the economy. Business in the UK is being hindered by its actions.”

Bankhall chief executive Peter Mann says: “It is impossible to say how long this downturn will last but movement will be slow. The IFA community is resilient and it has seen it all before. The mortgage side of things is very difficult and good people who can afford mortgages cannot get hold of them. That is the real issue right now.”

Savills Private Finance director Melanie Bien says: “It is complete madness. Darling is supposed to be the PR man for the whole UK economy. His statements are overly dramatic and uninformed.”

Needanadviser.com financial planner Ashley Clark thinks there is more to the grim prediction than meets the eye. He says: “It is in the Government’s interest to depress us and to quash spending. They need inflation to go down fast, as lowering it will be their main point at the next general election. From our point of view and from how well business is doing, I think comments like this are more spin than reality.”

Comment, p33

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