what happened last time labour was in power?

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username2647239
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#1
what effects did it have on the economy?

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username3012046
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Education

Education

Education
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United1892
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(Original post by unaManzana)
what effects did it have on the economy?

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Generally economy went well although lack of regulation on banks increased the effects of the global banking crisis.

Policies now are different though.
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Mozart_Wolfgang
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(Original post by unaManzana)
what effects did it have on the economy?

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Well the general hypothesis is that labour badly overspent which meant we were not prepared for the financial crises (did not fix the roof while the sun was shining is what Osborne used to say). I think this largely incorrect. If you look at the spending by labour vs historic spending it was only a little above the average.
You could argue the money was misspent. Vast amount was piled into education and the results are not really any better than they were before. Look at the spending on IT in the NHS £10B for nothing!
PFI contracts seem to be one of the biggest fingers you could point at for incompetence at labour.

IMO chancellors get too much credit when things go well and too much blame when it goes wrong.
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Change111
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Have you been recruited on behalf of the Tories to slate labour??
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Red Dawn
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Well that depends if you mean New Labour or the 'real' Labour !
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ByronicHero
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#7
Westlife had many number one hits!
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paul514
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Labour inherited a good economy ran it in the first term like the conservatives would have then borrowed and did loads of pfi deals.

No great but not awful, that was until the crash happened and due to a lack of regulation you see the situation we have today.


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username1799249
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From 1997 to 2007 things became very good indeed. When Labour took over from the Tory years, things were in a sorry state. NHS waiting times were measured in years, schools were on their knees and the homeless littered our streets - a bit like now come to think of it.

Blair got in promising reduced class sizes, and Brown was only prepared to borrow to invest. They royally f**ked up over Iraq but as far as the country went, lots of new schools got built, many town centres were revamped after years of neglect and the gentrification (love it or not) that has seen many down-and-out areas come back to life was started. I feel that the Tories are simply taking us back to the early 90s and things really were a bit grim back then.
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Quady
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(Original post by unaManzana)
what effects did it have on the economy?

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45 quarters of growth in a row?

Doubled dividend payouts?

Took unemployment down to a 30 year low?

Took employment to a record high?

Increased the average wage?

Reduced the interest rate on Government debt by 80% .
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