Originally posted by snaw
Further to make a comment like that you must be fairly young and therefore unable to remember the last Labour Government - the one lead by a certain Callaghan and kept in power by a coalition with the Liberals. The increase in unemployment was caused by correcting the failings in our own manufacturing industries. That themselves was down to over regulation (something the current New Labour government is repeating). It was also down to the power of the Unions. 10 years before the miners strike the miners actually brought down the government - that is how powerful they were!
When the Tories lost power they had already corrected those anomolies - to the point the Japanese actually described their Sunderland plant as one of the most productive! Further the reason Gordon Brown has had a good run is purely down to the work of the preceeding two Tory Chancellor's!
Interest rates were high but then they were all over the world. Further the highest interest rates came out of the failure of the ERM which was artificially kept up by the Central Banks propping up currencies with higher interest rates.
You can hardly complain about the last Tory administrations, until you are position to remember the last Labour administration - so bad that the IMF had to step in to bail it out!
Since New Labour came to power our pensions have been wiped out, inward investment has been going down, any reduction has been down to the growth in Public sector jobs which has been magnitudes more than in the Private Sector - jobs lost over the same period in the private sector far outstrip those created and had there not been the growth in public sector ones unemployment would have been going up far longer.
It's worth noting that the current run of increased unemployment is longer than that during the 1992 recession.
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