Gordon Brown's answer to the country's appalling financial crisis was to devalue sterling. Unlike Greece, which is part of the Euro and therefore must deal with budget crises the hard way, Britain can - usually as a last resort - let its currency devalue against other currencies. This is bad for our creditors, who get less for their money. Ordinarily they seek higher interest rates if devaluation is on the cards, and they punish countries that devalue frequently.

It's also bad for savers. Each pound they had is now worth less. But it's great for irresponsible borrowers, who are effectively forgiven for overextending themselves.

So Gordon Brown took from the prudent and used the money to bail out the imprudent - and himself.

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Filed under: Economics, Politics with tags gordon brown, reasons not to vote labour