The entire UK Treasury team needs replacing forthwith!

Allister Heath, Editor of City AM, and presently the media's number one choice for economic comment on the hoof, generally has some pretty clear thinking on the economic disaster through which the British economy is presently plodding its unimaginative way, has called in the Daily Telegraph, for George Osborne, the Chancellor of the Exchequer, to be be given until September to correct matters, read from here.

This could prove fatal

Britain may have two months before the Euro finally gives in to the ineviable consequences of its flawed construction, it may on the other hand have only two weeks or even perhaps a mere two days. In any event a new team should be given whatever period of time it can get to prepare for this certainty. 

The Osborne team, includiong the senior Treasury civil servants has been proven to be completely incompetent.

William Hague at the Foreign Office and Theresa May at the Home Office have proven to be similarly incompetent, and therefore cannot be considered candidates for any of the higher offices of State.

I would prefer John Redwood to be Chancellor with David Laws in support, the latter acting with actual financial honour and probity in the face of cant and sexual hypocrisy over the events leading to his resignation at the start of the Coalition Government. Redwood proves his credentials yet again this morning with some imaginative proposals to actually raise wages. These two men are clearly the best qualified and practically promotable as presently available,  given the dynamics of the crisis and adaptability shortfalls of the PM and his Deputy! Given the friendship of the former and political power of Osborne, it seems lucky an acceptable vacancy also seems to fall due at the Home or Foreign Offices.

Coalition political problems might require the team become Laws/Redwood, so be it - the civil service changes are probably as critical, given the obvious absence of new ideas behind the latest Treasury thinking, as presented yesterday by Osborne and Alexander, read here.

I will be taking a weekend break from blogging, no doubt all will be unchanged within the government upon my return, but I hope not - poor old Britain.

ECOFIN to debate US plan to end Europe's dominance of the IMF, etc.

Although there is no mention of removing several EU board members from the IMF appearing on the agenda for tomorrow's meeting of ECOFIN, the Euractiv web site covers the matter in some detail and is linked from here. I quote a passage of interest:

Germany, France and Britain have their own seats on the board, while EU members Belgium, the Netherlands, Spain, Italy and Denmark represent groups of countries. Switzerland, although not part of the EU, also has a chair.

The United States' unprecedented move last month to block plans that would have maintained Europe's long-running dominance over the 24-member board will be discussed. The US Senate has also voted to block use of its taxpayers' money for IMF rescues such as the bail-out of Greece.

If the eurogroup of countries wish to be taken seriously as a block with a single currency it follows they should be represented by one board member. Britain and Switzerland with their own currencies should naturally retain their representation. Turning to greater issues facing the world's economies, a good summary of the total gloom prevailing at the Ambrosetti conference on Lake Como during last Friday and the weekend is available from here. EU troughing returns full throttle although for once PM Cameron appears ready to make a token protest at the costs of the new EU External Action Service under Lady Ashton according to an FT report, linked here. On domestic politics we await the resignation of William Hague and hopefully also Andy Coulson. Lib Dems should exert their muscle in both instances. Should Osborne move to the Foreign Office and would David Laws accept the challenge of being Chancellor in such difficult times, perhaps he is the best placed candidate to take the country with him through the drastic cuts and economic turmoil that certainly now lies ahead? Could Nick Clegg risk the possibility of his party's final extinction should Laws fail for the almost certain kudos which would almost certainly follow any success ----- interesting times! Can Cameron risk a revitalised Osborne free from the stigma of certain economic mismanagement and the added gravitas of former Foreign Secretary? What will Osborne give away tomorrow? Can he politically ever recover if he confirms the Prime Minister's acquiesence to the loss of the powers of taxation ovcr the City of London, as accomplished at the European Council on the 17th June 2010?