Mecky Posted January 26, 2012 Share Posted January 26, 2012 In other words nothing changed under Labour. They were just a Thatcherite government. Labour was responsible for SIX quarters of a shrinking economy just a couple of years ago so the coalition still has some way to go before they match that. And nothing changed under the Tories, in fact it was them who deregulated the banks in the fisrt place, and I don't see the Tories changing things even now. In fact, government borrowing is up and bankers are threatneing to sue over bonuses. Link to comment Share on other sites More sharing options...
Tony Posted January 26, 2012 Share Posted January 26, 2012 And nothing changed under the Tories, in fact it was them who deregulated the banks in the fisrt place, and I don't see the Tories changing things even now. In fact, government borrowing is up and bankers are threatneing to sue over bonuses. The changes were clearly set out in their first Queen's Speech and other ways since. Link to comment Share on other sites More sharing options...
emma royd Posted January 26, 2012 Share Posted January 26, 2012 In other words nothing changed under Labour. They were just a Thatcherite government. Labour was responsible for SIX quarters of a shrinking economy just a couple of years ago so the coalition still has some way to go before they match that. The UK economy shrank by 4.4% in 2009 after shrinking at the end of 2008. Add to that the lending spree and risk taking when Brown deregulated the financial sector in 1997 and set up the FSA to oversee it with "A LIGHT TOUCH". That took away the powers from the Bank of England to curb the excesses ofthe banks and we are paying the price still. Labour handed over a massive debt in 2010. They also handed over spending commitments of up to £175billion a year more than the government was taking in tax revenue. It is this commitment to escalating debt that has frightened the credit rating agencies and dumped us in the mess we are in now. Link to comment Share on other sites More sharing options...
ANGELFIRE1 Posted January 26, 2012 Share Posted January 26, 2012 We are deep in the do do, that is a fact no one can deny. On telly the other day, Balls still persists that borrowing more money would be our salvation. DOH!. Angel. Link to comment Share on other sites More sharing options...
Mecky Posted January 26, 2012 Share Posted January 26, 2012 The UK economy shrank by 4.4% in 2009 after shrinking at the end of 2008. Add to that the lending spree and risk taking when Brown deregulated the financial sector in 1997 and set up the FSA to oversee it with "A LIGHT TOUCH". That took away the powers from the Bank of England to curb the excesses ofthe banks and we are paying the price still. Labour handed over a massive debt in 2010. They also handed over spending commitments of up to £175billion a year more than the government was taking in tax revenue. It is this commitment to escalating debt that has frightened the credit rating agencies and dumped us in the mess we are in now. Ah, so Labour are to blame for the entire world economic collapse then, because that's what it is. Glad that's sorted! Link to comment Share on other sites More sharing options...
L00b Posted January 26, 2012 Share Posted January 26, 2012 Ah, so Labour are to blame for the entire world economic collapse then, because that's what it is. Glad that's sorted!How many times are you going to trot that line out, Mecky? Will you ever consider that Labour are being criticised not for causing the global crash, but for failing to prepare the country for it? It was eminently predictable, and duly predicted by noted and respected economists (the financiers' increasingly desperate interference at the time notwithstanding), years before it happened. Riddle me this, riddle me that: why did politicians in positions of authority and responsibility (for years prior) fail entirely to act upon these predictions, in any meaningful way? I mean, beyond leaving a sarcastic note to the next Treasury incumbent? Link to comment Share on other sites More sharing options...
alchresearch Posted January 26, 2012 Share Posted January 26, 2012 Ah, so Labour are to blame for the entire world economic collapse then, because that's what it is. Glad that's sorted! There's a saying - "Charity begins at home". So did spending. Reckless spending. Link to comment Share on other sites More sharing options...
pfifes Posted January 26, 2012 Share Posted January 26, 2012 A 4.1% drop in spending on fuel bills, due to the warm weather, is one of the biggest reasons that the GDP figures fell in the last quarter. That money will feed into the economy in some other way in this quarter. The figures may well be revised up and we'll be bumping along the bottom for a while bit up, bit down, that's the nature of this crisis but I don't think it'll be a big dip. lol. Gas is too dear anyway Link to comment Share on other sites More sharing options...
L00b Posted January 26, 2012 Share Posted January 26, 2012 A 4.1% drop in spending on fuel bills, due to the warm weather, is one of the biggest reasons that the GDP figures fell in the last quarter. That money will feed into the economy in some other way in this quarter. The figures may well be revised up and we'll be bumping along the bottom for a while bit up, bit down, that's the nature of this crisis but I don't think it'll be a big dip.lol. Gas is too dear anyway Don't get me started on energy Co's. [tinfoil hat on]It's getting to be exactly the same con as car insurances. Set up and promote 'comparison sites' for smoke and mirrors, and jack up premiums all the time for ever-less-risk/ever-less-value to insure[/tinfoil hat on] Going to have a very interesting "chat" with EON tonight, about the (entirely unjustified acc. to my monthly meter reading history) 77.5% monthly debit increase they have just notified me about :rant: Link to comment Share on other sites More sharing options...
Mister M Posted January 26, 2012 Share Posted January 26, 2012 It's obvious why the economy contracted. It was the exceptionally mild winter so we spent less on gas and electricity. Link to comment Share on other sites More sharing options...
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