Just clipped this from a news letter the OH receives. Thought I would share it as it is rather thought provoking especially for those that know what a mess Spain is in. "Spain is also planning to increase its VAT rate from 16% to 18% in summer next year. The bill has not yet been passed and, again, this will be met with some resistance. In relation to ECB Will Exit Cautiously, I was surprised to read elsewhere that Spain has been given until 2013 to get its public deficit under the maximum allowable of 3%, while the UK has been given a year longer. That says quite a lot about the state of the UK's finances and, Edward Harrison makes a good case for how ineffective Quantative Easing really is." So basically the UK is allowed an extra year to get its shit sorted because its a nigh on impossible task, and one that the present incumbent idiots will pass on to the next government whom ever they may be.