Quote:
Originally Posted by Zizu
Labours last time in power .!!!
As I recall they left our finances in a proper state and from memory it meant the Tories had to get creative and borrow/ spend even more for a time -to avoid a catastrophe
Government debt under labour 1997-2010
Government debt under Labour was a major factor in the elections of 2010 and 2015. But to what extent did the Labour government plunge the economy into debt ?
1997/98 40.4% of GDP
2007/08 36.4% of GDP
2010/11 60.0% of GDP.
Budget Deficit
The level of Net government borrowing at 2011/12 prices
1997-98 £ 7.8 bn
2007-08 £ 40.3 bn
2010-11 £ 145.1 bn
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There was a worldwide financial crisis sparked by the banks in 2008.
That hit America, hit acrisd Europe and over to Asia too.
I notice you omit to mention that.
A global financial crisis mostly due to recklessness of the Banking industry.
Which no one, not even the international expert financial institutions including the IFS never saw coming.
However yes that's how it ended up in 2010/11.
I notice too though, you avoid commenting on the years after 2010/11.
When Labour wasn't in power.
There on the chart showing how things got far worse under the Conservatives.