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Saturday, 15 May 2010


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What if, instead of defaulting on Gilts, we just default on PFI and on public sector pensions?

At the very least we should put the police onto the PFI deals. If any evidence of bribery is found, the deals can be voided.

Anyway, as I keep telling the world, the report on all this must be called a Brown paper.

I think it is almost certain that we will 'default' on public sector pensions in that the government will be forced to alter the terms. The good news is that that should increase the pressure to lay off as many of them as possible before their pension pots become too huge. Thus we can expect major strikes from the unions which will test the 'Dave and 'Nick' love in to the very limits. The PFI deals will be more tricky in that big companies employ big lawyers to negotiate very stringent terms in their favour. Will little George and his trembling LibDem apprentice be prepared for a few days in court? Probably not.

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