Now, you’ll have sussed that I’m no economist, but the 2.5% VAT cut introduced by Alaistair Darling (that will cost the Treasury £12.5 billion and retailers £300 million) will apparently have the following real world effects:
Mars bar – down 1p
JVC LCD television – down £12.77
Levi’s jeans – down £1.49
Next suit jacket – down £3
Ford Focus – down £322
I’m no more likely to buy a 1p less expensive Mars Bar than I am to buy a £322 less expensive Ford Focus. Unlike the interest rate cut and a number of other emergency measures rushed into existence, this one is aimed squarely at the consumer, and that’s me.
That’s why I have the absolute authority to say: “Mr. Darling, this is pish. And while you’re peddling these impotent schemes let me remind you that we, the public, are fully aware that you (admittedly with everyone else in parliament) got caught unawares by this crisis, in complete contradiction of your job responsibilities and supposed area of expertise. In short, you got us in to this mess and your hastily constructed plans to get us out are nakedly pathetic.”
I will now exercise that authority and say it. [Refer to previous paragraph.]