Mortgage Announcement Was an Exercise in Spin

Mortgage Announcement Was an Exercise in Spin

Iain Dale 9:50 AM

When it comes to government announcements, especially with this government, it's best to look at the small print. Unfortunately, with yesterday's mortgage announcement, there is not only no small print, there is no large print either. Why? Because it was rushed out so as to dominate yesterday's news agenda and push the Damian Green story down the news rankings. And in many ways it did that. What a way to run a government.

Of course, now it's out there, the whole thing is beginning to unravel. Margaret Beckett is flailing around, clearly unready to answer the questions which are fairly predictable. The banks are making clear they are pretty hacked off at being bounced by Gordon Brown - again.

None of this is to say that in principle, such a scheme might not be a good idea. But the worst thing you can do is announce something which hasn't been thought through properly, is relatively uncosted, does not have the full backing of the banks and looks like a dog's breakfast.

Dizzy is rather more scathing.