Cable Forum - View Single Post - Labour not responsible for crash, says former Bank of England governor.

Pierre · 29-12-2014, 19:22

I don't think anyone has ever said that they were "responsible" for the crash.

The argument against the Labour government of some 12years was that they presided over some of the best economic years this country has ever experienced, and during that time one would have expected a prudent government to remove any deficit and reduce the national debt.

But they didn't they spent, spent, and spent, increasing the deficit and increasing the national debt. So that when the crash did come, we couldn't borrow anymore and try and spend our way through it to stimulate the economy, and the only way to keep our interest debt down was through austerity.

Of course they didn't expect the crash, because brown said he had sorted that out.

29-12-2014, 19:22	#2
Pierre Permanently Banned Join Date: Dec 2003 Location: floating in the ether Posts: 13,332	Re: Labour not responsible for crash, says former Bank of England governor. I don't think anyone has ever said that they were "responsible" for the crash. The argument against the Labour government of some 12years was that they presided over some of the best economic years this country has ever experienced, and during that time one would have expected a prudent government to remove any deficit and reduce the national debt. But they didn't they spent, spent, and spent, increasing the deficit and increasing the national debt. So that when the crash did come, we couldn't borrow anymore and try and spend our way through it to stimulate the economy, and the only way to keep our interest debt down was through austerity. Of course they didn't expect the crash, because brown said he had sorted that out.