Posts Tagged ‘Xendpay’

It is time to put some humanity back in the Treasury

31/03/2015, 03:20:44 PM

by Rajesh Agrawal

It is wrong for commentators to lazily blame Labour for the economic downturn and credit the Tories with the recovery.

The truth is, the recession wasn’t caused by Labour. It was the result of a serious collapse in the global banking system.

After five years of Conservative spin you might be forgiven for forgetting that Labour’s economic record in power was actually one of remarkable stability and sustained growth for the ten years before the banking crash. It was also a time when the vast majority of ordinary people felt the benefits of economic prosperity.

Far from irresponsible spending, Labour biggest deficit before the crash was 3.3% of GDP. Osborne’s currently stands at 4.6%.

In fact, Labour successful and responsible economic management was arguably the single biggest reason the Conservatives found it so difficult to win back power in 2001, 2005 and a majority in 2010.

By comparison, Osborne’s economic record is hardly a shining success story he claims.

The current recovery is the slowest economic recovery in over a hundred years. It is also an unbalanced recovery with huge areas of the UK and millions of ordinary people yet to feel the benefits, while the gap between rich and poor gets ever wider.


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