Cynic,
I am not sure that :
“labour was in power from 1997 to 2010, so they had oodles of time to change anything they didn't like - and felt was in the best interests of the country ..... it pretty much follows, that if they change or reverse something, they figured it wasn't so bad after all ..... not quite fair i will accept”
makes sense, but if my guesses are right
I partially agree with you, but a mistake they made in 1997 was committing to “spending restrictions of the previous government”.
This commitment was partially given to make them electable and probably the awareness of the “rawness” they might have, if they got into power. What effect that had on their policies I am not sure and maybe interesting to read some of the “political and new paper” commentaries of the success of labour government management of the economy for the period 1997-2006.
I came across this, written at time of when disaster was imminent
http://www.independent.co.uk/news/uk/this-britain/boom-and-bust-britain-2006-465527.html
Boom and Bust Britain, 2006
Boom: city bonuses hit a record £7.5bn; 3,000 workers given at least £1m; sales of penthouses, fast cars and champagne at all-time high.
Bust: house repossessions up 70% to highest level since the 1991 crash; mortgage arrears up 21%; record 70,000 go bankrupt, a 51% rise
SATURDAY 04 FEBRUARY 2006
-------------
I think many people were aware of problems ahead and recall reading postings by some flogging off their housing and looking around for safe havens for their cash etc..
I doubt that the government and was George Brown did not see the impending problems, but they did not expect the “crash” to be so big and also against the “euphoria” of market and those grabbing as much as they could on an expectancy it would go on forever and do what they could do to stem the problem, partially driven from abroad.
The necessary changes would not have been accepted by the City, the political opposition and the public as a whole.
A period of buy a house, paint the wall and buy a few tubs of flowers, take a breath and then sell the house on, for a 10-20% gain. This feast was driven as if it was a party game, by “Buy It and Flog It” programmes on the TV, with modern day gurus telling you how to do it.
The same was being done by the glorified banking services.
However, the government of the day should have tried to stem the craziness and not
doing so partially led to the depth of the UK’s present problems.
The problem now is that George’s policies aren’t working and we have had 25% devaluation without surge any surge in GDP (partially due to world economy), even Japan and Portugal have eventually learnt the lesson of disproportionate austerity.
I think George is digging deeper and deeper and the effects will be on the poorest in the country, and the total wealth of the country is being distributed inappropriately, the rich getting richer and the poor poorer. The poor did not cause the problem but are being made scapegoats by a nasty party and the fellow travellers.
-------------------------