The Conservative Party

Brewster's millions said:
Hmm, you seem to have neatly airbrushed out the Labour government’s catastrophic handling of financial sector regulation ahead of the financial crisis, which required the UK to make the largest fiscal intervention of any G7 economy as the crisis hit, and effectively forced the government act as a guarantee for all interbank lending during the period.

You also appear to have forgotten the structural deterioration of the fiscal position in the run up to the financial crisis - they inherited a surplus and ran up a significant deficit, again before the crisis hit - which led Gordon Brown to conveniently rewrite his fiscal rules.

Just three months before the coalition government came to power, the government financing requirement stood at 13% of GDP, an unprecedented figure outside of wartime and the peak of the pandemic. But, of course, the Labour government had nothing whatsoever to do with the austerity that followed and it’s just the Tories fucking up isn’t it?
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You can cherry pick whatever stats you want. I’ll do the same. The debt to GDP ratio barely changed between 1997-2007 which demonstrated steady management of the economy taking advantage of steady GDP growth. The ratio ballooned between 2008 and 2010 due to the global financial crisis leading to the 13% stat you quoted and multiple years of pointless austerity. If austerity had worked the ratio would gradually have come back to pre financial crisis levels. However the debt ratio continued to climb nearly every year until the pandemic caused it to surge again. If you want to look at economic mismanagement no one has fucked up more than the current lot.
 
west didsblue said:
You can cherry pick whatever stats you want. I’ll do the same. The debt to GDP ratio barely changed between 1997-2007 which demonstrated steady management of the economy taking advantage of steady GDP growth. The ratio ballooned between 2008 and 2010 due to the global financial crisis leading to the 13% stat you quoted and multiple years of pointless austerity. If austerity had worked the ratio would gradually have come back to pre financial crisis levels. However the debt ratio continued to climb nearly every year until the pandemic caused it to surge again. If you want to look at economic mismanagement no one has fucked up more than the current lot.
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Cherry pick stats. Jesus.

Running a structural deficit, a catastrophic failure to regulate the financial sector and the largest intervention of any G7 economy during the crisis itself. What do you think that was required?

You might also want to look at those debt ratio figures again and actually have a think about how they work. It was rising for five straight years before the financial crisis hit, and the coalition government had to push through an incredibly sharp decline in the deficit over a five year period just to bring the rise under control, let alone cause it to decline. Would you have preferred the government to push the deficit down from 10% of GDP in year one to 1 or 2% of GDP in year 2 in order to stop the debt ratio rising?
 
Brewster's millions said:
Cherry pick stats. Jesus.

Running a structural deficit, a catastrophic failure to regulate the financial sector and the largest intervention of any G7 economy during the crisis itself. What do you think that was required?

You might also want to look at those debt ratio figures again and actually have a think about how they work. It was rising for five straight years before the financial crisis hit, and the coalition government had to push through an incredibly sharp decline in the deficit over a five year period just to bring the rise under control, let alone cause it to decline. Would you have preferred the government to push the deficit down from 10% of GDP in year one to 1 or 2% of GDP in year 2 in order to stop the debt ratio rising?
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Yep, the debt ratio rose by an average of 1% per year for those 5 years however it rose by an average of 2% per year for 9 years from the introduction of austerity to the start of the pandemic. This means they failed to push down the deficit and it simply got bigger due to anaemic economic growth.
 
west didsblue said:
Yep, the debt ratio rose by an average of 1% per year for those 5 years however it rose by an average of 2% per year for 9 years from the introduction of austerity to the start of the pandemic. This means they failed to push down the deficit and it simply got bigger due to anaemic economic growth.
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Basic mathematics.

If you have to run deficits of 6-7% of GDP because you inherited a deficit of 10%, and you’re trying to reduce it gradually, then it’s very likely that the debt ratio will continue to rise. Not a difficult concept. And the figures you’ve quoted are wrong as well.
 
Brewster's millions said:
Basic mathematics.

If you have to run deficits of 6-7% of GDP because you inherited a deficit of 10%, and you’re trying to reduce it gradually, then it’s very likely that the debt ratio will continue to rise. Not a difficult concept. And the figures you’ve quoted are wrong as well.
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I would expect the debt ratio to rise for the first couple of years. But 9 years??
 
west didsblue said:
If we look at track records, Labour’s 13 years from 1997 to 2010 improved the country in a lot of areas and was ended by the global financial crisis, the consequences of which were mitigated well by Gordon Brown until the Tories managed to fuck up. I am hopeful that a new Labour government will start to repair the damage of the last 13 years and that the electorate gives them time to get the country back on track.
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Deluded
 
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