Next General Election

[malvolio]

Of course you could argue that Thatcher did the work, and Labour reaped the benefits. Probably you will. But you don't know.

Not only can but do, because it's quite correct. The country was in a state of terminal decline ever since WW2, which effectively bankrupted us, it was economically screwed by MacMillan's Tory government who spend money we didn't have, then further ruined by the union led labour governments of the 60s and 70s supporting industries that were incapable of being supported.

The Thatcher government did what had to be done, make a permanent and huge change to the whole logic of how the UK worked, and they would have done the same no matter which party they represented, it was the only way to turn UK around - else we'd be no more sifnificant than Portugal by now and Bonn would be the world's financial capital not London. The macroeconomics are quite clear - if something hadn't changed in 1980, regardless of who changed it, we'd be in an utterly different Britain.

The failure of Brown is not related to the Thatcher revolution, nor to Major's ineptitude: he took a stable, growing and organised economy and corrupted it in the interests of old-fashioned centralist theories that even the French have abandoned. He has spent £700bn additional taxation and has absolutely nothing to show for it, not even a reserve account in the piggy bank, and he's just committed us to an utterly foolhardy £100bn spend aimed at missing the EU's green target for 2020 by 90%.

So not someone on my Christmas Card list then...

[expat]

The Thatcher government did what had to be done, make a permanent and huge change to the whole logic of how the UK worked, and they would have done the same no matter which party they represented, it was the only way to turn UK around - else we'd be no more sifnificant than Portugal by now and Bonn would be the world's financial capital not London. The macroeconomics are quite clear - if something hadn't changed in 1980, regardless of who changed it, we'd be in an utterly different Britain.

sell off the family silver

[zathras]

early in the Blair/Brown years, they did fix the economy. At a terrible cost to public services, of course. Which leaves the question, why exactly is Blair in the Labour party?

But they did n't. It is one of the great lies of the Labour years.

This country had a recession in 91/92 by the time of the election in 1997 unemployment was going down, inflation was going down, productivity was going up, inward investment was going up, growth in the economy was going up..

For the first two years of New Labour they kept to various Tory policies. It was in 1999 that they eventually let spending increase. Since then the rate of reduction in unemployment has reduced and may even be going up now, same is true of inflation. Productivity went down, inward investment went down. There is a reason why No Labour government has left power with less unemployed than it started (and yes they have fiddled the figures by moving people onto benefits - such as disability, and not counting certain people).

In late 2001 early 2002 the BoE Monetary Committee decided that the country may enter a recession and decided to create the conditions for a housing boom to keep the economy going (note of course that while the BoE is 'independent' a large proportion of those in the Committee are chosen by one Gordon Brown - now Alaistair Darling). The trouble with such a policy is that eventually you have to pay the piper - we are now paying the piper.

[sasguru]

Fair enough, in fact "presided" rather flatters their role.

But I really meant early in the Blair/Brown years, they did fix the economy. At a terrible cost to public services, of course. Which leaves the question, why exactly is Blair in the Labour party?

You cannot be serious about this? I am not one of the "tribal mudslingers" mentioned before, and I think the economy was doing very well thank you, from about 1993/1994.

[Dow Jones]

BoE

Well said Zathras - Bank of England is as independent as the Zimbabwe Election Committe - I've been saying that for ages.

[expat]

You cannot be serious about this? I am not one of the "tribal mudslingers" mentioned before, and I think the economy was doing very well thank you, from about 1993/1994.

Good. But it wasn't.

[Cyberman]

You cannot be serious about this? I am not one of the "tribal mudslingers" mentioned before, and I think the economy was doing very well thank you, from about 1993/1994.

Yes, indeed, the economy was doing very well. Unfortunately New Lie have overtaxed, overspent and wasted and will leave the Tories yet again with an economic mess to sort out.

At least the Tories have a history of sorting out economic messes that Labour always leave them. Plus, the Tories will also reduce tax levels which Labour always fails to do.

The biggest failure of New Lie has been the destruction of pensions in the private sector, while at the same time failing to curb the unsustainable pension commitments in the public sector. Yet another mess that I am sure the Tories will sort out.

[Peoplesoft bloke]

......... Plus, the Tories will also reduce tax levels ......

Funniest joke I've seen for ages - the Tories have never done it before, why would they do it in the future?

[expat]

Yes, indeed, the economy was doing very well. Unfortunately New Lie have overtaxed, overspent and wasted and will leave the Tories yet again with an economic mess to sort out.

At least the Tories have a history of sorting out economic messes that Labour always leave them. Plus, the Tories will also reduce tax levels which Labour always fails to do.

The biggest failure of New Lie has been the destruction of pensions in the private sector, while at the same time failing to curb the unsustainable pension commitments in the public sector. Yet another mess that I am sure the Tories will sort out.

That's exactly what I mean: people go round parroting this stuff, although there is no justification for it.

[Cyberman]

Funniest joke I've seen for ages - the Tories have never done it before, why would they do it in the future?

You obviously haven't been around long. Thatcher reduced the top level of income tax from 60% to 40% soon after coming to power. In the good times the Tories have always tended to lower taxes whereas in good times Labour continue to raise them. Just look at what is going on now!!!

Top rate of tax on unearned income was 98% under Labour in the early seventies, which says it all really.