Britain risks default unless Government cuts public sector pensions

My column this week tries to address the question of whether Britain really deserves to be considered a “safe haven” destination for investors’ money. The condensed answer is: not entirely. At the moment markets seem to be working on the assumption that any country with its own currency should be favoured – presumably because those countries can inflate their debt away rather than having to default on it directly. Although no-one particularly approves of inflation, markets like the fact that at least this leaves a country rather more in control of its own destiny. more