Quote:
Originally Posted by Damien
That seems to suggest that the debt was actually at the same level as the Tories left us back in '97 or better until early 09 to now when the debt seems to have shot up, coinciding with the crisis?
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Absolutely. The economy had just completed a recovery from recession. The debt dropped for a while - Labour followed Tory policies for a bit and it dropped rapidly, then the drop slowed and it started creeping up again as the change from Tory to Labour spending plans kicked in despite the economic growth.
Previous 'booms' coincided with a paying off of debt, GDP up, tax take up without increasing rates, Labour had an extra long boom and chalked up debt for a large part of it.
Check out
http://www.measuringworth.org/datasets/ukgdp/index.php