Absolutely correct! Further, by his continued extraction of conservatively 5 to 6 BILLION per year from the pensions industry, the secondary effect has been the slowdown of the Stock Market because the investment by pension funds has been reduced, and hence, due to slower growth, what investment remains has slowed in turn. Remember the market level is currently lower than it was in 1997 when the Scottish liars came into Government!!! I note that newsreaders are beginnning to talk about the balance of payments deficit again - anyone remember 1978/9?
The myth that Brown was ever some sort of prudent financial guru has finally been shattered - he piggybacked onto a global period of low inflation and relatively stable growth - (not to mention a hard fought and won Tory fight against their own economic excesses which was just bearing solid fruit when they were ditched at the polls) - and claimed it as his own work. Of course now the inevitable Labour 'bust' is someone else's fault.
I recommend a book called "Squandered" which tells it as it is.
Fortunately the 42 days thing has been passed, (Not because it is good legislation, it is technically unworkable) but because it will keep Brown in No 10 a little longer and hence remove any chance that a replacement leader might manage to restore NuLiars place in the polls.