Twinklestein….I have no idea where you got your version of history from, but unfortunately the facts does not support it – in 1997 the UK (as now) was the fastest growing economy in Europe – and our annual deficit from the 1990’s recession was budgeted under the Conservatives by 2002/3.
The Budget Deficit Labour left was around £158 bil a year, mainly due to Labour’s unreformed over spending in the years before the crash. A country should not be borrowing £30-£40 bil a year in the good times, they should be paying off national debt - but obviously their immigration policy meant more benefits/welfare payments when they should have been falling through an employment 'boom'.
Next the full effects of the financial crash was TOTALLY avoidable, as I mention on this ‘politics’ section post below, second post of mine. In a period of U.S. financial deregulation, Brown had visited ex Fed Chairman Greenspan before 1997 and liked what he heard, and when came to power in 1997, he took away direct responsibility of the BoE and formed a regulatory ’tripartite’, why?
This Brown ‘tripartite’ still including the BoE, it also included the Uk Treasury HE controlled and the (then) new FSA with too wide a brief (from garage forecourt guarantees to huge City hedge Funds) – and it is now well known to have been a total disaster, with both Brown and the FSA apologising for looser bank regulation, as bank lending shot up.
www.mumsnet.com/Talk/politics/1969660-Labour-banks-splitting-won-t-fix-capacity
If you look at a graph of UK bank balance sheet growth, from 1997 just mortgage lending went up from £21 billion annual lending to £115 billion in late 2007, which was an unprecedented rate of growth.
Finally manufacturing jobs under Labour, how do you lose 1 million manufacturing jobs before the crash, by 2005?
www.independent.co.uk/news/business/news/million-factory-jobs-lost-under-labour-6150418.html