The Irish banking system collapsed on its arse this week, with a government bail-out of Anglo Irish Bank bringing the bill for the country’s stricken banks to £39bn. While our Celtic cousins nurse a budget deficit of 32% of GDP, let’s take some time to see what that paragon of financial sense George Osborne said about the Irish economic model:

“Ireland stands as a shining example of the art of the possible in long-term economic policymaking”

In a gushing article for The Times in 2006, Osborne asked “What has caused this Irish miracle, and how can we in Britain emulate it?”

Looks like Gideon is still trying his utmost in this regard.

Hat-tip: James Lyons

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  15. All the more reason for the Tories to want to emulate Ireland. “Oh no, economy failed again, now we really have no choice but to cut 40% from each department…”

    It’s a win-win for George Osborne. If the economy picks up he’ll be hailed as a pragmatist, if it fails he’ll be lionised in Tory circles for slaying the already wounded welfare-state dragon.

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  30. Surely, we cannot carry on with this and how Bob Diamond will get a £17 Million pound pay off for ‘failing’ is so unjust when we all have been told we must tighten up more.

  31. The state of the UK seems to be totally out of control now and gives little faith to the workiing person in the Country. I hope there is a way out and we never have to revisit this experience again.

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