Now we are six
I COULD see why the previous Chancellor gathered his seven wise men around him. He needed a diversion. The central plank of his policy had given way and left the Treasury without a plank to stand on. It had been slow to see recession coming and too quick to see it going. It was stuck with the exchange rate mechanism, which was making matters worse — until it came unstuck. This was his cue to summon up advisers from outside the Treasury. He picked seven economists with such different perspectives that they were unlikely to agree on anything. They would draw fire away from his Treasury forecasters, they would be flattered by his invitations, and he could pick and choose from their advice. It is less obvious what these advisers — now down to six — are doing for the present Chancellor. He politely calls them out- standing, but they have just sent in an ano- dyne report, and now their contracts are running out. If he still wants to know what they think, he need only ask to be put on their mailing lists.
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