THE Treasury select committee, which has a Tory/Lib Dem majority, fears we are in for another period of recession, thanks to George Osborne’s Emergency Budget.

Is this surprising? Osborne’s coalition partners, the Liberal Democratss, predicted that outcome – as did Labour – when they were fighting the General Election.

Of course, everything changed when the Tories offered them seats round the Cabinet table.

Nick Clegg, Vince Cable et al tell us they were persuaded to back the Tory cuts because they were worried about how the markets would react if the Government didn’t take a big enough axe to public services. Would these be the same markets recently described by a senior banker from Citigroup as “noisy children” adding: “You have to pay attention to them but you shouldn’t take them too seriously.”?

So there you have it. Our economic policy is decided by politicians scared of “noisy children.” We really are in trouble.

Patrick Kelly, East Mount Road, York