Not another ITEM- (20.07.02)'s favourite group for dodgy economic reasoning, the ITEM club (Ernst & Young Independent Treasury Economic Modelling), have managed to grab my attention again. Apparently the recent falls in the UK stock market aren't a function of US accounting scandals, poor corporate earnings or a fear of a world recession. Apparently it all comes down to Gordon Brown removing dividend tax credits in 1997. Ignoring the fact that the London stock market seems to take its lead precisely from whatever Wall Street is doing, the reasoning the UK pension policy is that important in the scheme of corporate activity is astounding. I would not mind so much if this group argued for the return of dividend tax credits as a method of support for an industry that through mis-selling has brought most of the lack of confidence on itself, but to continue to harp back to the same policy decision as being crucial at every opportuity is becoming almost as predictable as press releases from the Institute of Directors, the CBI and the TUC.