Time to bed down for another 18 months

One wonders whether Alistair Darling's interview in the Sunday Times is the first step in Labour's climb down over the recession.

Having smoothed the way following a successfil G20 it plans to ease the country into realising that we wil have to bed down for maybe a couple of years of grind.

The paper says that

The economy’s dive over the past six months had been steeper than the Treasury had expected, he said, making it inevitable that he would be forced to revise his forecast significantly. Britain’s gross domestic product slid by 1.6% in the final three months of last year, its biggest drop since the recession of the early 1980s.

As the article says

it is the first time Darling has publicly admitted that the government’s estimates were wrong, setting the scene for a difficult budget,