20 October 2008

The Mirage Of Economic Success Under Labour

By 2002/3 New Labour were breaking new records for economic cronyism and incompetence – it was a period in which they pushed supercasinos, 24 hour pub opening and broke free from Tory spending plans. I recall routinely bumping into public sector managers trying to find ways to spend unnecessary budget increases - the period that followed left Labour seeking new ways to disguise falls in public sector productivity. Meanwhile, economic researchers were already wondering aloud whether the productive part of the economy was operating on borrowed time.

UK Personal Lending 2003 – Published December 2002 by Datamonitor

With the UK’s troubled manufacturing sector continuing to underperform, a full blown recession is only being avoided by exceptionally strong consumer credit and soaring house prices, which, in turn, are only possible due to low interest rates and low inflation. However, if consumer confidence fails there is a distinct possibility that the UK economy could slip into recession once again.

UK Personal Lending 2004 – Published December 2003 by Datamonitor

The consumer credit market has defied expectations and produced another record year in 2003, helped on by low base rates, low levels of unemployment and a strong housing market… leaving many to wonder whether the current levels of personal debt are sustainable.


Labour decided to “avoid recession” by stoking unsustainable levels of personal debt. In the long term, you can only create economic success by improved productivity. This is underpinned by building a cohesive society where work and enterprise is rewarded. Anything else is a mirage. Labour’s policies amount to the same as ever – pure protectionism – the main difference this time is how long they sustained the heresy. Eventually, Labour always wrecks the economy.


Mark Wadsworth said...

PT, completely agreed, and Camerosborne often bleat about levels of debt, while failing to distinguish between gummint (I agree that this is far too high)and household debt (which they brush under the carpet).

I can only assume that this is because deep down Camerosborne know that the Tories are The Homeowners' Party, and the flipside of household debt bubble is of course the houseprice bubble.

Man in a Shed said...

Well the run on the pound has started. Labour are trying to distract attention with the non-story about George Osborne - and of course since most journalists have left wing sympathies they have little trouble keeping it rolling.

But reality will reassert itself.

I woudl not rule out the IMF being called in for the UK before long.

Brown will talk about "Unprecedented volatility in world markers", "the first crisis of the global age", "Britain is especially well placed for the recovery" - and anyone who believes him will be a sad fool.

Tuscan Tony said...

True, and well said Prague. You need to do something about your word verify though, most unflattering:



Man in a Shed said...

Note: Brown is now in the Gulf to pawn the country in exchange for enough cash to get re-elected.

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