UK: SMITH ON ECONOMICS - THE PAST IS A DIFFERENT COUNTRY.

UK: SMITH ON ECONOMICS - THE PAST IS A DIFFERENT COUNTRY. - In the pre-election debate over economic prospects, David Smith favours the view of a new-age Britain, permanently more competitive, less inflation-prone and capable of sustaining growth.

In the pre-election debate over economic prospects, David Smith favours the view of a new-age Britain, permanently more competitive, less inflation-prone and capable of sustaining growth.

The debate about Britain's economic prospects, as we enter the inevitable uncertainties of a pre-election period, can be easily summarised. On one side stand the history men, those who believe that, however good the economy looks now, it is merely flattering to deceive. In other words, as in the past, something nasty is waiting around the next corner to hit us over the head.

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