A Labour Governments 1997-2010 record in power – lest we forget.

[Isitmebut]

Ed Miliband says today the Conservatives are using the SNP to deflect from Labour’s record in office.

When coming to power in 1997 with over a 160 seat majority, the UK economy was the fastest growing economy in Europe, it had grown for over 20 consecutive quarters and was budgeted balance our tax/spend budget by 2001/2 and we had the best financed private pensions in Europe.

Here is a summary of the Labour policies that followed within their first 10-years, probably the best decade in a century to mould UK society for the better, flush with the once in a century tax receipts of a financial bubble/windfall; YOU decide who ruined the life choices of the poorest in society.

Economy; Ballooned the size/cost of the State, as the private sector (businesses) like Manufacturing suffered, relying too much on the deregulated growth of City profits & taxes = an unbalanced economy likely to crash on the first major economic recession, or worst still, a financial recession leading to an economic one.
www.dailymail.co.uk/news/article-1214001/The-cost-quango-Britain-hits-170bn--seven-fold-rise-Labour-came-power.html

Finances; In 19996/7 the National Debt was £403 billion, by 2009/10 it was £1,073 trillion, as the UK were running a deficit/overspend economy in the good times, so when the private sector tax receipts fell away in 2008, the States costs over 50% of our economy, and without tax receipts to pay for it all = £157 billion annual budget deficit/overspend passed to the coalition, the largest figure by far in Europe. The only way the accumulating National Debt could then be reduced, would have been for the Coalition to start slash spending by that amount, from Day One.
www.nationaldebtclock.co.uk/

Banking; Labour lighter regulatory approach encouraged UK banks to leverage up their balance sheets to business/consumer loans and mortgages multiplied from 1997, building an economy on asset price rises and private (and government) debt. Once the financial crash began, the closing of the global interbank market (the funding artery of finance) from 2008 - morphed into an economic recession, the worst in the UK for over 80-years.
metro.co.uk/2011/04/11/gordon-brown-i-made-big-mistake-on-banks-before-financial-crisis-650630/

www.theguardian.com/business/2011/dec/12/labour-regulations-city-rbs-collapse

Pensions; A terrible record from their first year in power, offering derisory increases in the State pension (75p in 2000) with much higher inflation than now, and a raid on Private Pensions, previously the best funded in Europe, that was to kill many company Final Salary schemes – and estimated to have cost, in lost returns to non government pension plans, over £260 billion to date.
www.dailymail.co.uk/news/article-2613609/Revealed-Labours-stealth-raid-took-118BILLION-pensions-paving-way-end-final-salary-schemes-suddenly-unaffordable.html

www.telegraph.co.uk/finance/personalfinance/pensions/10698432/Final-salary-pensions-10-times-more-common-in-public-sector.html

Defence; A government in perpetual wars, who took us to war in Iraqi on a ‘dodgy dossier’ on Iraqi WMD’s and sent troops into Afghanistan without enough equipment i.e. bullet proof vests, roadside bomb proof vehicles and helicopters, which cost lives - with the Defence Secretary saying ‘ they might not fire a shot’. With no defence reviews for years, they left power with a defence £38 bil black hole, without a penny down on Trident.

NHS; With the proceeds of the financial bubble Labour more than doubled spending, but only around 30% got to the front line, and hid bad care e.g. Mid Staffs. In 2000 the NHS Act brought in private competition, the excessive government borrowing via the Private Finance Initiative (PFI) was to cripple NHS Trust budgets for decades to come and by 2010 there was to be 13,000 fewer general and acute beds than in 1999 – as our net population grew from economic migration and ‘baby boomers’ got 13-years closer to retirement age.
www.telegraph.co.uk/health/healthnews/8779598/Private-Finance-Initiative-where-did-all-go-wrong.html

www.telegraph.co.uk/health/healthnews/9356942/Blair-defends-PFI-as-NHS-trusts-face-bankruptcy.html

www.dailymail.co.uk/news/article-2363808/Labours-NHS-denial-machine-Experts-verdict-ministers-covered-problems-failing-hospitals-thousands-died.html

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Because I'm still not sure whether you think taxes are too low or too high.

Maybe you think I should be voting for the Socialist Worker's Party? I'll have a look, but I don't think they are standing in my constituency.

So much frothing at the mouth from one person. It's the pub bore.

Under the Tories, we were fucked as a family. A kid of a single mum, working but low wages. Fucked.

Labour came in and things got better. Now after growing up under a labour government I'm a higher rate taxpayer doing very well. I'd never vote Tory because they see people like me as having no potential, just as a drain.

merrymouse ...Re your post; so to sum up Labour’s tax policies, although they are usually higher, unless Labour in their last administration were dropping the Capital Gains Tax rate to 10% to encourage donations – as far as the economy and economic conditions goes, Labour don’t know whether to have a shit, or have a haircut.

And that is what their past two records in power shows;

In 1979 pre Thatcher when the UK was known as ‘the sick man of Europe’, with inflation and interest rates around 20%, Labour left ridiculously high penal levels of taxation, as mentioned in the previous page – how can businesses or workers confidence, never mind the money, to grow an economy – so the economy would remained in a mess.

In 1997 Labour inherited from the Conservatives a low tax economy after the early 1990’s recession, but Capital Gains Tax was still 40% for those on the higher tax rate, and had been so for around a decade.

In 2010 the UK in the worst recession for 80-years and ‘real’ earnings falling from 2008, having had its ‘fiscal stimulus’ of government spending in the good times, unlike other countries, Labour had been RAISING taxes i.e. taking away the 10p tax rate, raising Council Taxes, Fuel Duty, and National Insurance rate to companies and workers (effectively a ‘jobs tax’), that Mr Darling acknowledged “would cost jobs.”

So similar to 1979, even with much lower interest rates/inflation than then, Labour starting a programme of putting up taxes to businesses and workers to be carried on AFTER May 2010, would neither build the confidence of businesses or workers to invest in new jobs or spend, so the economy couldn’t grow and we would have remained in an economic mess.

Are you starting to see the theme yet; LOWER taxes to help stimulate the economy, HIGHER taxes when clueless what to do or just want to keep it down the pan-hole?

-Labour/Brown lowered Capital Gains Tax to 10% for businesses, a record low, in the best economic/business conditions for a century, which was either incompetent or dodgy.

-Conservatives in 2010 inheriting a post record recession with nothing done to sort it, raised the top rate of CGT to 28% for the wealthiest, not the 40% they had it from 1988 to 1997, or what the Lib Dems wanted – as the economy was STILL down the pan-hole, with ‘growf’ coming from an overly large public sector and a record UK (and Europe?) annual £157 bil deficit/overspend – not businesses investing and creating jobs.

In conclusion; a government does not need RECORD low taxes in the good times when they need to be paying OFF national debt, so that when the economy pan-holes as it did in 2008, a government has the money to LOWER taxes – and not as Labour did, threw higher tax rising shit at that economic pan hole.

Furthermore, it is no accident that from 2010 with the CORRECT policies of rebalancing the public/private sector structure of the economy and lower tax policies – the UK has the highest growth and job creation from a bad recession low, than the rest of Europe.

Merrymouse and others, are we there yet, Brown lowering CGT to 10% was iffy and Labour (with or without the SNP with similar progressive' tax ideology) will NEVER be able to tax an economy to sustainable growth - especially when having put it down the pan-hole?

Iggly .. what a shame the facts show otherwise, but similar to post 1979 Labour's legacy, people blame the Conservatives for doing what Labour ideologically can't, FIX THEIR OWN MESS, so always seen as 'the sunshine' party - but any fool of a government can spend money we have not got..

Look at the Labour record when money was no object;

• Education (bar lowered)

• Indigenous unemployed (thought not good enough or screwed by subbing out 2-3 million jobs to the world)

• 16-24 year old unemployment (580,000 in 2004, over 700,00 by 2007)

• Constructing a Welfare State (unaffordable at the first major recession)

• Homes (abysmal build rate with large population growth policies)

• Homes (5 million desperate for council/social homes by 2010)

• Pensions (rubbish State rises, screwed company/personal pensions)

Can you serious say that Labour government was looking to RAISE the potential of England, or not sucking up to "the rich and powerful"?

Learn to look at the facts, not regurgitate the constant socialist class mantras, to DISTRACT from their records in power.

It is difficult to understand your point when you don't write in sentences.

I think you are trying to argue that in 1998 indexation allowance for individuals was replaced by taper relief so that the Labour party could bribe wealthy individuals who would then make party donations.

Leaving aside whether taper relief or indexation allowance would be more or less beneficial to a particular individual, CGT is relatively easy to avoid. Those 'MILLIONAIRES!' would have been better off finding a good accountant.

Isitme, you are wasted on mumsnet.

You need to get out there on the streets with a billboard.

Not really merryone, I can't believe how much misinformation is on this board, pretending they're facts.

Still you have me to add some balance, someone has to, as Labour and their apologists peddle the 'fair' etc mantras but forget their record in POWER, 'I don't know why'. lol

There will be ONE good bit of news when a Labour/SNP administration starts work on Friday with a debt and obligatory higher tax fest - after 2020, it will be longer than the last 18-years before 'the people' trust them again - I just hope its long enough to fix the sheer scale of debt damage done.

Where to go to hibernate? Hmmm.

You forget the 2nd, and imo the very best bit of good news isitme. Katie Hopkins has declared she will leave Britain. The biggest vote-winner for the Labour Party?

To be totally honest, I'm not a reader, but have seen some of her more outrageous 'blurts' - so I have no cares if she is the first one up against the wall on Friday, in Presidenti Milibando's and Stergvita's brave new world.

Believe it or not I don't read many websites with 'out there' or views to shock, although I did used to like Mr Q. Letts more satirical views on politics.

To my knowledge I have never read the Conservative Home Board, unless unbeknown to me I have seen a link attached to another post/article.

I do read as many free newspapers on line as I can find, as for years in another working life, my 'worth' to clients was forming my own opinions not regurgitating/following others, so that is all I know and so wired - so tend to be more sarcastic (sorry), than nasty, unless prodded.

You sound like you're admitting defeat to a Labour/ SNP coaltion. Do you think that will happen? Genuine question

Genuinely yes, because of UKIP voters and the Labour/SNP combined 330 ish seat math, so as in everything, I follow the facts.

Clearly I have no clue if there are 'shy Tories' as there were 'shy UK's' in the Scotland vote, but unless Cameron can form a Westminster majority, which is doubtful based on the other parties current seat expectations - Labour and the SNP will be able to run parliament ragged.

Seeing another micromanaging Labour administration, headed by Mr Miliband and Mr Balls who don't play well with others, sit down to look at every policy detail with Sturgeon and Salmond - should be a ticketed event and far funnier than the comedians they are wheeling out - but for 'the price' we'll all pay.

Apart from big rockets and Independence, I don't think there is a rollup paper of policy difference between them - but I bet it takes them longer to come up with a compromise than Clegg and Cameron, on two different ends of the political spectrum.

WHICH (Labour or SNP) party can afford to be seen backing down in a new contest for 2010 Scottish Westminster seats? Priceless.

Here's a fact: Since the end of WW2 productivity has gone up 260% whilst wages have risen 108%. Until 1970, when the USA defaulted on their debt by leaving the Gold Standard wages kept up with productivity gains. Since then productivity has risen at much the same rate whilst the average wage per hour has stagnated. The only people who have profited are the top 1% and the neoliberal policies followed by governments since 1979 have ensured public money has been transferred into private hands at a faster and faster rate.

The right wing press is all owned by people who pay no tax in the UK, and it's no wonder they're all spinning against Ed Miliband who wants to abolish this anachronism. What they haven't reckoned on is social media. If you're on the Twitters, look how Rupert's minions and Louise Mensch, amongst others treated @twcuddlestone, a 17 year old girl wrongly credited with #milifandom.

Another fact: Labour borrowed £190Bn during their 13 years in government. Gidiot borrowed £570Bn in 5 whilst claiming to be 'paying down the debt'. The towel folder inherited an economy that was growing at 1.3% during the last 3 months of the Labour government and ran it into the ground due entirely to ideological reasons of shrinking the state and giving the rest of our stuff to his rich mates.

The only way to get our economy working for the majority is to abandon neoliberalism and return to the social capitalism system used between 1945 and 1980, when we had a far more equal society where anybody clever enough and hard working enough could climb the ladder. Nowadays you need cronyism to get ahead, even in the Labour party. Your party despises the poor, the disabled and hard working people like me. I hope the last 5 years mean they never get elected. I won't say again because they were only able to destroy this country with the help of the Libdems, who I hope get destroyed today by a combination of Green and Labour.

DoctorTwo …. I’m sorry, but your combination of current economic mistruths, and old socialist mantras told around firesides and instilled in every generation since - about those ‘good old days’ before Thatcher – are now beyond a joke bordering on pathetic, especially as most in Scotland still believe it so the SNP will never be allowed to work with the Conservatives, in ’the UK’s best interests’.

Firstly what the Conservatives borrowed, if Labour hand the Conservatives a £157 billion annual government deficit/overspend in 2010 and it is not cut from Day One, does it not accumulate each year adding the £1 trillion of National Debt they handed over. Now if Labour/SNP campaigned to CUT that annual overspend faster, rather than oppose every cut as “austerity”, I could handle that ignorant economics & hypocrisy – but they DIDN’T, did they?

Next which years did Labour PAY DOWN the nominal UK National Debt, as clearly looking at Debt-to-GDP figures when Labour were unbalancing the economy, losing tax paying private sector jobs and replacing them with tax funded private sector non jobs, was CLEARLY unsustainable?

Finally those ‘good old pre neoshite 1970’s’, when Manufacturing fell from around 29% of the UK economy to 23% over a decade, and British companies were falling by the wayside, as German and Japanese companies without the ‘British disease’’, was taking more and more of our Industrial lunch money.

Meanwhile trade unions who were trying to run those British companies, were securing great pay rises for their members within a very high inflation environmemt, right up to the moment those factory doors closed.

Read the whole of the Triumph 1970's experience in the link below, and compare that with Nissan in Sunderland now, where workers work WITH management, not against.

”The failure of Triumph in Speke”
news.bbc.co.uk/local/liverpool/hi/people_and_places/history/newsid_8401000/8401200.stm

”British Leyland's Speke factory symbolised all that was wrong with UK car manufacturing in the dark days of the 1970s, a million miles away from the high performing plants of today at Ellesmere Port and Halewood.”

”In 1970 British Leyland, who had taken over Triumph, spent £10.5 million building Speke Number Two plant, it was one of the most modern and best equipped plants in Europe designed to build 100,000 vehicles a year all under one roof.”

”In May 1978 British Leyland workers at Speke withdrew their opposition to the closure of Speke Number Two and in 1981 all car production ended on the site with closure of the body plant at Speke Number One.”

“Douglas Eden reveals the extraordinary penetration of the 1970s Labour movement by pro-Soviet trade unionists and the extent of Callaghan’s toleration of the hard Left.”
www.spectator.co.uk/features/3665728/we-came-close-to-losing-our-democracy-in-1979/

en.wikipedia.org/wiki/Sick_man_of_Europe
“Throughout the 1970s, the United Kingdom was sometimes called the "sick man of Europe" by critics of its government at home, because of industrial strife and poor economic performance compared to other European countries,[10] culminating with the Winter of Discontent of 1978–1979.”

en.wikipedia.org/wiki/Winter_of_Discontent
“The Winter of Discontent refers to the winter of 1978–79 in the United Kingdom, during which there were widespread strikes by public sector trade unions demanding larger pay rises, following the ongoing pay caps of the Labour Party government led by James Callaghan against Trades Union Congress opposition to control inflation, during the coldest winter for 16 years.”

The UK economy, as every western economy, has changed since the 1970’s (as has the 20% inflation rates back then driving up wage statistics) and thinking we can go back to those days, especially with anti business socialist political parties, is another misguided joke.

Pay rates do have to rise, but we’ll never get that unless we have a strong economy; there is no great ‘chicken or egg’ dilemma’; a job, comes before the pay rate - something socialist politicians seem to forget with anti business rhetoric.

P.S. Look who has our ‘British Disease’ nowadays, following socialist fat State, penal taxes and anti business policies for several years.
“France: the new sick man of Europe”
www.theguardian.com/world/2014/jan/14/france-sick-man-europe-economy

DoctorTwo

Here's a fact: real voters have chosen the Conservatives, the Tories, the 'Nasty Party', the cutters, the benefits-slashers, the posh boys, the Old Etonians, over all the pious left-wing bullshit Ed could muster.

HTH.

Yep. They did choose the Tories.

Let's see how much of a bad bite on the arse it gives us all.

For now they're just attacking the disabled. www.independent.co.uk/news/uk/politics/generalelection/hours-after-the-election-the-dwp-says-it-is-looking-to-cut-a-disabled-access-to-work-scheme-10237191.html

You're right ThePower, an overwhelming majority of those who voted, 36.8%, voted for those who were prepared to lie more than the other liars. The turkeys voted for Christmas, they chose austerity max over Labour's austerity lite. The only way Labour is going to get back in is to go back to their policies of the 1940s.

And yes, British manufacturing, especially in motor manufacturing, was decimated in the 70s due to chronic lack of investment and belief that us plebs would buy British rather than the better designed and made Japanese vehicles. Though the less said about Japan and austerity the better, eh?

All those people who refused to invest in design and development were ordinary workers. No, hang on, they were the bosses, whose government allowed them to shut down factories in an unalloyed display of capitalism, then allowed them to save the banks using, well, socialism.

DoctorTwo .... "The only way Labour is going to get back in is to go back to their policies of the 1940s."

And pretend globalism - the need for any large business to compete globally never happened, the UK doesn't need to trade - and we can go back to a UK barter system using the Groat as a currency?

"British manufacturing, especially in motor manufacturing, was decimated in the 70s due to chronic lack of investment"

What are you missing if read that link above "The failure of Triumph of Speke", starting with "one of the most modern and best equipped plants in Europe" and its demise several years later?

Japan you mentioned had no trade union movement and Germany, with a very strong trade union movement, worked WITH management as those in Nissan Sunderland now, not AGAINST.

Who the feck is going to carry on investing in ANY economy with a interest rate-inflation-wage upward spiral around 15 to 20% and a Corporation Tax of 50%, if the company manages to make a profit - thereby making a globally competitive Research and Development Budget nearly impossible - your pension fund?

As no one else's would put up with those risks/losses.

Those factories whether owned by shareholders (not bosses) losing money, or the State trying to sustain the non commercial so unsustainable could not be kept open if the militant trade union leaders were not with them - how many tens of millions working day were lost each year to strikes, often 'wildcat' - so companies could not even deliver their shitty products to order?

In conclusion; leftie economic dinosaurs winding themselves up and others, that the 1970's were some economic miracle where wages were sustainably higher and somehow we can replicate that business/county economic model again - after 35-years where so much in the world has changed, dictating how the UK had to change - seriously need to get heads down from bums.