Quote:
Originally Posted by Chrysalis
you seem to have been brought into the myth that labour were spending out of control.
prior to the bank bailout they had a lower deficit than the previous tory government had. All the money went to the banks.
The bank situation was a global problem, but the UK was especially affected due to our softy approach to banks and dependency on the financial sector.
This bank bailout the tories supported, which funny enough I pointed out in the post you replied to.
.
|
Bank bailouts are NOT included in any debt or deficit figures.
Deficit 1997 £5.7bn, 2007(ie before any bank issues) £40.9bn, jumping to £100.8bn a year later and £153.5bn in 2009. And that had been going on for a few years before, starting in 2001. Why over £200bn in borrowing before 2008, when the economy is supposedly doing so well? We are now looking at paying out in the years to come, well over £50bn each year just in debt interest.