Top-Heavy Economics: Clegg's Cat's-Cradle

The last few months can't have been easy for Nick Clegg and his 'put-it-right' Liberal Party. After entering a coalition with the Conservatives many commentators and passing observers have eagerly pointed out who is 'wearing the trousers' in their seemingly uneasy relationship. While the press sharpen their knives for the slightest hint of division, it's hardly surprising that the Liberal party conference has highlighted a number of troublesome issues.

It's fair to say that both sides have baulked on political ideals for the sake of the coalition and the Liberals' decision to make immediate spending cuts have not evoked a positive reaction in the commons and further afield. While the Deputy Prime Minister talks of a positively Soviet 5-Year Plan for economic recovery, he has back-tracked on his election rhetoric which included not making cutbacks as a knee-jerk reaction to the recent economic crisis.

Cutting through the spin in his recent interview with the BBC's Nick Robinson, Mr Clegg spoke of ensuring that the timing of the defecit reduction be governed by economics. All well and good nailing your colours to that particular mast in times of manageable recession. Lord Turner today added further fuel to this raging bonfire by claiming that bank bonuses alone were not responsible for the banking crisis and that ill-designed policy had done more harm than individual greed. Is there not something strange about this announcement? It sounds like Lord Turner has told the stable hand to shut the gate after the horse has bolted. Then to add insult to injury, to suggest that the UK 'move on' from demonising overpaid traders is quite frankly an insult.

Earlier this week it was announced that thousands of high-ranking government officials and senior civil servants earning over £100,000 a year, with over 1,000 earning twice as much. Is it any wonder that this country is in such financial ruin. Surely there must be a way to curb these ridiculous salaries and bonuses. Otherwise what will have changed? The fat cats still pocket their millions while the coalition becomes the new scapegoat. Yes Mr Clegg, inject funding where it is so desperately needed but taxing the public just to give it back to them is not the way to go.

As public sector borrowing hits a record high, let's hope for the sake of economic parity that Mr Clegg can deliver on his promises of stability. Otherwise certain quarters will be calling Gerry Anderson to make the deputy PM the 6th Tracy brother...