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Britains economical future - What do you think? watch

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    I would argue that it is good to have a high inflation rate with the situation we are in now.
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    (Original post by Planar)
    Thatcher stopped stagflation. John Major bequeathed unto Blair a healthy economy with good prospects. They turned Britain from the sick man of Europe to one of the wealthiest and most successful nations in the world. Labour bowed to the unions, and inflation went to 25%. About 30 years after that, they leave power having racked up a massive deficit. Thatcher sorted a mess which was mostly Labour's the first time, and now Cameron will have to sort one which is all Labour's the second time.

    errm, is this a quote from the conservative economic history textbooks? it's an interesting approach to hold. i know labour have not been perfect, but every time conservatives have got hold of power in the last 40 years has been carnage!
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    (Original post by Cornish19)
    I would argue that it is good to have a high inflation rate with the situation we are in now.
    How come?

    And also how come gov wants to target 2% if it's good?;-)
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    (Original post by Cornish19)
    I would argue that it is good to have a high inflation rate with the situation we are in now.
    How?

    If peoples earnings down keep up with inflation it makes the situation worse.
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    (Original post by Planar)
    Thatcher stopped stagflation. John Major bequeathed unto Blair a healthy economy with good prospects. They turned Britain from the sick man of Europe to one of the wealthiest and most successful nations in the world. Labour bowed to the unions, and inflation went to 25%. About 30 years after that, they leave power having racked up a massive deficit. Thatcher sorted a mess which was mostly Labour's the first time, and now Cameron will have to sort one which is all Labour's the second time.
    You obviously weren't there!
    That's the trouble with spouting revisionist history.
    Some people remember.
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    (Original post by Planar)
    Thatcher stopped stagflation. John Major bequeathed unto Blair a healthy economy with good prospects. They turned Britain from the sick man of Europe to one of the wealthiest and most successful nations in the world. Labour bowed to the unions, and inflation went to 25%. About 30 years after that, they leave power having racked up a massive deficit. Thatcher sorted a mess which was mostly Labour's the first time, and now Cameron will have to sort one which is all Labour's the second time.
    The economic problems of the 1970s were not really of Labour's making anymore than they were of the Conservative's making (both held office in the 1970s, Conservatives 1970-1974, Labour 1974-1979, Conservatives 1979-1997)

    The problems of the 1970's were really chickens coming home to roost, long periods of under investment since 1945 (not unexpected given the country's finances after the war) eventually caught up with the economy. The 1973 oil crisis hit when the economy was already weak (touch of deja vue, for oil read financial) and inflation spiked to 23.7% in 1975. The whole period through to the mid/late 1980's was one of a tired and outdated economic model finally grinding to a near halt and having to be rebuilt.

    Neither party comes out of the period well, Labour's attempts in the 1970's to maintain employment whilst blind to the need to be pragmatic about industries that were not economic to support meant that the pain suffered in the 1980's was swifter and deeper than it might otherwise have been.Within the Conservatives of the 1980's there was a degree of dogma inherent in the structural changes effected. (maybe some point scoring vis a vis the Miners)

    Structural changes were needed, the 1970's was wasted time with neither party having the will or political muscle to meet the challenge and take some of the hard decisions required. If I was to pin the blame during the period on any sector it would be the Unions, but even they are not the real villains; the real villains are those who governed through the 1950s and 1960s who failed to make the necessary investment for the UK to remain competitive.(spent the money in the good times (sound familiar))
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    (Original post by DJKL)
    The economic problems of the 1970s were not really of Labour's making anymore than they were of the Conservative's making (both held office in the 1970s, Conservatives 1970-1974, Labour 1974-1979, Conservatives 1979-1997)

    The problems of the 1970's were really chickens coming home to roost, long periods of under investment since 1945 (not unexpected given the country's finances after the war) eventually caught up with the economy. The 1973 oil crisis hit when the economy was already weak (touch of deja vue, for oil read financial) and inflation spiked to 23.7% in 1975. The whole period through to the mid/late 1980's was one of a tired and outdated economic model finally grinding to a near halt and having to be rebuilt.

    Neither party comes out of the period well, Labour's attempts in the 1970's to maintain employment whilst blind to the need to be pragmatic about industries that were not economic to support meant that the pain suffered in the 1980's was swifter and deeper than it might otherwise have been.Within the Conservatives of the 1980's there was a degree of dogma inherent in the structural changes effected. (maybe some point scoring vis a vis the Miners)

    Structural changes were needed, the 1970's was wasted time with neither party having the will or political muscle to meet the challenge and take some of the hard decisions required. If I was to pin the blame during the period on any sector it would be the Unions, but even they are not the real villains; the real villains are those who governed through the 1950s and 1960s who failed to make the necessary investment for the UK to remain competitive.(spent the money in the good times (sound familiar))
    And suprise suprise they were conservative Prime Ministers during that time. I'm by no means a Labour supporter but everyone who keeps quoting the Conservative bible saying Labour caused this are just naive. You seem to know what you're talking about though.
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    (Original post by Jmzie-Coupe)
    And suprise suprise they were conservative Prime Ministers during that time. I'm by no means a Labour supporter but everyone who keeps quoting the Conservative bible saying Labour caused this are just naive. You seem to know what you're talking about though.
    They were actually both in power, Labour from 1945-1951, Conservatives 1951-1964, Labour 1964-1970.
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    (Original post by DJKL)
    They were actually both in power, Labour from 1945-1951, Conservatives 1951-1964, Labour 1964-1970.
    Well you said mainly 1950's and from 1951-1964 it was all conservative.
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    (Original post by Jmzie-Coupe)
    Well you said mainly 1950's and from 1951-1964 it was all conservative.
    I think I said 1950s and 1960s, in fact I said in the main text under investment post 1945.
 
 
 
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