Lots and lots of bad economic news came out yesterday in Week One of what should have been a New Government. All saved up for "after" the election. Just shows what had been in store for a New Tory government on the first day of their first week......and how bad things really are right now.

We face a double whammy on the economy.

First - the Bank of England is still putting money into the economy so that any green shoots ( not many around ) are a direct result of funny money not real growth. In addition unemployment is still rising and shops and businesses closing. Finally, redundancy money may have skewed the stats and that will be running out soon for many people laid off in 2008/09.

Secondly - the massive Government debt is far bigger than that of Greece which means at some point there will need to be cuts and this is regardless of which party gets in. This debt cant be allowed to grow anymore because the UK could then find itself in deep deep trouble on the international money markets. Basically Brown has mortgaged the future. We will see CUTS OF AROUND 20% of public sector jobs and pay in real terms in the next 3 years in order to balance the books. That is a big addition to unemployment and load of unhappy people in the North East and so on.

This is BROWN's legacy - a time bomb ticking under our feet right now. The election may be over but the real pain is just being delayed.

I can see the markets tanking if the situation is not resolved soon as well.

Further news being announced in the last hour :

FANNIE MAE in USA needs a further $8 billion Bail Out !!!!!!

FTSE has lost over 100 points in the first two hours of trading now the TORIES are being cut out of the deal.....

EASYJET lost £75 million on the ASH cancellations ( so far )

The second crash is imminent.......

HOLD ON TO YOUR HATS - ONLY CAMERON can SAVE US NOW ! ( And even he may not be able to....)