Responsible borrowing? Ha.

Gordon Brown might as well get a second face tattooed on the back of his head. He has certainly mastered the art of facing both ways on all matters economic. Having presided over the extraordinary and unsustainable expansion of personal credit whilst preaching financial prudence, he has recently taken to condemning bankers and speculators for their excessive risk-taking and general financial skulduggery whilst borrowing tens of billions of pounds extra on our behalf.

Apparently he believes that it is "right and responsible" to maintain "investment". Think about this for a minute - our Prime Minister now wants the government to save us from recession by "investing" (spending money). What, precisely, are they investing? There is an important truism to remember here: all government borrowing is deferred taxation.

Ken Clarke, the best Chancellor of the Exchequer in my lifetime, made the important point on Newsnight this evening - Gordon Brown has been spending too much and borrowing too much for years, enjoying the impunity of a booming economy. To promise more of both before the recession really bites, is at best, foolish. At worst, it is downright irresponsible.