I am replying to the reader (January 15) who said Labour Governments should not get us into recession.
During Labour’s 13 years in power, there were no recessions at all, until the global financial crisis in 2008, which was caused by bankers’ greed.
The Prime Minister Gordon Brown helped saved the global financial system by taking immediate action to bail out the bank’s by pumping money into them.
Other governments did the same and a worldwide financial catastrophe was averted. Mr Brown was vilified here, however he was praised by Nobel Prize – winning economist Paul Krugman and was voted world statesman of the year in 2008 by world leaders at the G20 summit after being hailed a hero for stabilising the global economy. Britain came out of recession and the economy was slowly recovering.
David Cameron called for less regulation on the banks, weeks before the 2008 crisis. When the Tory-led coalition came to power in 2010, they choked the recovery by inflicting massive spending cuts, increased VAT to 20 per cent and gave away billions of pounds to India, nuclear power and other developing countries. Britain lost its AAA rating, we had the slowest recovery for more than a century, the National debt increased from £846 billion to £1.2 trillion and the Government will borrow £150bn more than planned by 2015.
How can you blame the last Labour government for causing this mess?
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