Basically Brown has gambled that growth would always be enough to cover his ever increasing spending plans.He has mortgaged the British Economy to the hilt with no back up plan for when things wrong.
Darling will now carry the can of trying to sort out the mess.There is not alot he can do Brown has messed it all up.Of coarse Brown is now going to blame everyone else for his shortsightedness.

NIgelWheatcroft, wimbledon,

Don't be surprised if we experience a baby boom as people can no longer afford to go out as much as they did during the credit boom.

MM, London,

These same assurances and interventions were made prior to the Crash of 1929! It only prolonged the misery. What Brown and co are trying to do is fool some of the people for some time. What they have not been able to and will not be able to do is fool all the people all the time. A majority can now see through the lies but like rabbits are caught with the headlight of debt between their eyes

Lloyd, Solihull,

It seems to me that there is a misunderstanding between the concept of prosperity and economic growth.

Prosperity requires economic activity which creates real value for example exploitation of technical inventions, adding efficiency to existing activities, discovering and exploiting mineral wealth, using natural resources(hopefully wisely!).

Economic growth however can be created, for example, by inflation (e.g.rising house prices), looser credit availability, expanded public consumption.

It seems to me that we have too much of the latter and not much of the former, the prognosis for our country may therefore not be good. However I have to own up to being almost 60 years of age with the normal tendency to pessimism. I expect we will muddle along somehow as we usually do.

peter boswell, chagford, uk

Governments has allowed the housing bubble to flourish in the UK. the US and Europe. Bubbles are dangerous and in the end destablising when they burst. People flushed with the rising prices of their home, have used the equity released by spending. Now as prices fall they have stopped. so spending and growth is coming down fast. For an essential like housing a governments duty must surely be to control bubbles, instead in Britain, under Mr Prescots' housing policy has been laughable with a moratorium on new house building in many parts here in the North West. The concentration has been on building inner city flats, many of which remain empty. Many small builders have had a very lean time and desirable property was pumped up in price. Now that the affordability of new homes for first time buyers has arrived on the political agenda, coucils have been bribed to find more housing land. They even print forms asking for suggestions. A 'U' turn, just in time for the price dowturn.

Diddly Do, Liverpool,

Why sojuld Brown have saved for a rainy day? Prudence Brown, remember has declared the 'end of boom and bust'. And if Brown has declared it, we all know it must be true - it is never going to rain on the British exconomy ever again, so spend, spend, spend!

And that is what he did. He's blown the house-keeping allowance on free beer for the public sector and rose tinted glasses for the rest.

Edwin, Bucharest,

I was happily agreeing with this article until I got to the statutory swipe at the ECB and the EU. Public debt and deficits to high in the major economies... whoa there Rosemary old girl. Not the case in Germany as I'm sure you very well know. Look, pay attention I'll say this only once 'the job of he ECB is to protect the value of money not run economies'. Got it? Read the ECB charter. If you are a saver in the EU and getting at tops 4.5% on your little saving book, actually at best 3% you are not going to be a very happy bunny if the ECB did nothing about tackling 3% inflation. You would not sit back and say go ahead Gordy let it rip if that's what it takes to save business and your lopsided economy, wipe out my savings, what do I care. I'm pretty glad as a citizen of Europe that I have the ECB to thank for not playing the indulgent aunt to governments and banks that have made a mess of it any more than it has already, which makes me wish I was a naughty banker not a careful saver.

John Walter, Bonn, Germany

"When politicians start trotting out assurances that “the economic fundamentals are sound”, start to worry."

Spot on. I am luxky in that I saw this coming over 5 years ago, totally changed my financing, and have done very well out of bullion.

Many others are going to be in dire straights.

Anyone who believes a word that comes out of Brown's mouth is deeply unfortunate.

Just a shame many journalists are still parotting the "inflation is 2%" joke. It isn't just politicians who are to blame.

Simon Robinson, Gibraltar, Gibraltar

This is your pilot speaking. There is no cause for alarm.

ian, wilts,

Your phrase that its much better fixing the world than the plumbing at home seems to me the guiding mantra of Blair and to a greater extent Brown who is shovelling our hard earned taxes at far flung forlorn hopes at a rate of knots.Still after promoting the biggest boom in uk history I personally would not want to concentrate on the potentially ghastly downside when I could be swanning around the world telling other countries how not to run their economies and and at the same time handing out early christmas presents to failed banana republics in the guise of helping the needy.

Philip, Ipswich,

Brown's deceit and incompetence has been there for everyone to see for several years, but almost all economic organisations and commentators have been praising his success. He was building up the probability of disaster for the whoile time, by squandering the econmic success instead of preparing for an inevitable downturn. Careful management for the economy might have had slower (but still good growth), a mild recession and room for fiscal stimulus. Now we are facing a slowdown with nothing. All we can hope is that the gloom mongers are wrong and that the slowdown remains just that.

Neil Murphy, cromer,

Reality TV shows will love this. Mr and Mrs Greedy being evicted by the bailifs. How hardup housewives are forced to go on the game. How to buy second cars. How Mr and Mrs Average can cut their bills by putting newspapers under their childrens vests. Every recesssion has a silver lining.

Robin, London,

The only "fundamentals" of the modern UK economy are rising house prices and rising public spending. Thats it . In the absence of these we're in big trouble. Look forward to repossessions ,empty restaurants and TV Programmes about how to make your socks last longer.

John Bailey, Southampton , UK

There is nothing sound about the economic fundamentals of the UK. I walk past houses all the time that are worth more than half a million pounds in a neighbourhood full of graffitti and crime. There is nothing sound about that: it is over-priced. Britain has become only two things: a very corrupt business centre in the City; and a massive welfare hand-out system with people rotting away doing little.

Bob Macdonald, London,

The G8 leaders sitting around the table in Downing Street was rather like the main board directors coming to see what was going on in a wholly owned subsidiaries that was giving cause for concern.

MikeS, Leeds,