chabal said:
mcfc1632 said:
By the fact that you seem to believe that it was only the 'global capital markets' and that the UK's position was not made much worse by Brown and Balls.
You must not have listened to the ample evidence - or choose to listen to Balls's bullocks - anyway your choice. As I say it is easier
Which ample evidence?
There was an international financial crash.
Was that the fault of the Labour government?
The Labour government must bear responsibility for not regulating the markets tightly enough. Unfortunately they did not repeal the deregulation of the Tory Government in 1987.
There has been plenty of evidence put forward - including comments on this forum, but in the main it is just shouted down by some posters on here that simply want to drown out 'dissenting voices'. This is why I struggle to call up the energy to debate on here - few people do debate, just state what they do not know as if they were facts. They seem to work on a basis of the more they post it the more it will be accepted - even if they do not actually know any facts.
I am not suggesting you are one of these BTW.
I am fortunate to be someone that does know some facts - and I am not some dyed in the wool Tory. I come from a comprehensively Labour voting background.
Whilst not wanting to get into a 'to-ing and fro-ing' of posts some facts that I do know are:
* Brown adopted use of PFI to extreme levels and 'enforced' its use to 'disguise' debt - he mandated its use across government even when there were clearly cheaper funding options available
* Business cases for large PFI schemes were 'developed' in such a manner that they brought forward a recommendation on the option that Brown wanted - i.e. PFI. Sometime there had to be a lot of massaging (sorry refinement) to get the right answer that meant that Treasury could approve.
* The Terms & Conditions for large PFI contracts were 'developed' to ensure that the interests of the private companies and their bankers were utterly protected - even to the point where if contracts had to be terminated through contractor incompetence - then the government generally still had to pay them compensation!!!
* The FSA became incapable of being tough on financial institutions. Generally whenever they tried all the organisation, say a bank, had to do was make a phone call and fret about loss of influence from London to Frankfurt - then the FSA was instructed to 'soften'
And many more such examples - and these are facts.
Yes there was a global financial crisis and poor regulation was a significant factor. At such times you do not behave in the reckless way Brown and Balls did. There is a saying - "when in a hole - stop digging' - they ignored that totally and just splurged. The details of some of these PFI contracts have on going consequences - which will hamstring us for a generation(or two) - no matter who gets in..
I was fortunate that these policies provided good business outcomes for people like me - but they fucked the economy - 5 years of Balls in a repeat act!! Scary.
And I say this as a man from a Labour background - I desperately want Labour to put forward a credible economic plan - but they do not have seemed to have learned and likely just to set us back again.