It is not that I think that the VAT cut is irrelevant; it is that the leaders of the biggest retail chains in Britain all think that it is not working and that it is irrelevant. The truth is that the Government's policies are achieving nothing. They announced a stamp duty holiday and the housing market got worse; they announced a bank bail-out, yet the banks are not lending; they announced a jobs summit on the day when thousands of jobs were lost. It is not just that the Prime Minister is running round like a headless chicken, making one bogus announcement after another, doing nothing for confidence. Is not the worst thing of all this: by spending £12.5 billion by cutting VAT, is he not just building up debts for Britain's children in a vain attempt to save his own skin?
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