[RUSTY]

Originally Posted by heero_yuy

A re-run of 1979 under Callahans bankrupt Labour administration with rubbish piling up in the streets and the dead going unburied. The medicine was pretty aweful then for those who remember it. Took a decade of Tory administration and careful budgeting to get the economy anything near right. It also need the wholesale closing or selling off of loss making nationalised industries that were pulling the country down into debt and ruin.

I can remember the bad old days of Bristish Steel loosing £3 MILLION A DAY!! of taxpayers' money, BL always on strike, again at taxpayers expense. Coal mines producing output next to power stations that cost more than shipping half way across the planet from Australia. Plus a whole host of other nationalised utilities with their "couldn't give a damn" attitude to customers because there was no one else to go to and any losses, and they all made losses, picked up by the tax payer. Phones that took months to install and then you could ONLY rent the rubbish equipment that THEY provided.

Labour were going to cut to exactly the same extent as this co-allition, only they were going to drag their feet over it and loose us our AAA credit rating. So what you say, it would be easier, well when your morgage interest rates double in a year because the rest of the world won't lend us cheap money anymore, then you'll be squealing again. And then in years three and four the cuts would be much deeper than those of the current administration because the econonmy would have ground to a halt, killed by high interest rates.

Look at Portugal, last loan they had was at about 7.8% compared to the low rates we have here.

.....and then the banks would close the doors and say sorry can`t help your all a bad risk & we have directors bonus to pay.