Tuesday, November 18, 2008








1931 1951 1970 1979
With Labour it's always the economy, stupid .
Above are the four Labour prime ministers who have so far lost office in the party's history. In each case it was a collapse in the economy that was a major factor or the sole reason they were ejected from power.
In 1931 the Labour Government collapsed when Ramsay Macdonald attempted to cut unemployment benefits and introduce a raft of stricter public spending cuts in the face of uncontrollable rises in the public debt; which his cabinet rejected forcing a general election and the formation of the coalition National Government.
In 1951, again seriously unstable public finances were tested to destruction by a run on sterling which brought about a foreign exchange crisis, drastic import controls and limited re-introduction of rationing.
In 1970 the famous 'pound in your pocket' devaluation of sterling in 1967 and an unexpectedly bad set of balance of payments figures released in polling week was widely seen as the main cause of Wilsons unexpected ejection from No 10.
In 1979 it was the 'Winter of discontent' that was brought about by the need to drastically cut public spending after yet another sterling crisis had forced Callaghans Government, now bankrupt, to go cap in hand to the IMF.
And here we are afte another Labour Government facing economic meltdown. Two of our biggest building societies have already gone bust and another three of our high street banks have had to be bailed out, Government borrowing is out of control and the pound has fallen to an all-time low against the Euro. Unemployment and inflation are already at their highest level for 16 years, and the recession has only just begun.
Sadly on this occasion we have the added complication of sixteen years of Labour 'spin' to factor in as well; so the true extent of our woes are even now being hidden from view. Labour have told us that our total national debt is 'no worse' than other countries. Unfortunately this is just not true, as Labour exclude debts from our statistics that other countries include in theirs (Private Finance initiative and civil service pension liabilities, for example); if you include those figures our national debt and the rate of growth of our national debt are the worst in the developed world.
Once again economic largesse has left the nation's overdraft out of control. If we were a business or a private household our bank would be bouncing our cheques. The danger is that Labour are about to discover the lessons that they clearly haven't learned from their own party history; that money doesn't grow on trees.

7 comments:

nothingbutthesameoldtories said...

This from a party that gave us 'Black Wednesday' and was largely swept out of office through economic incompetence themselves. Oh, that and sleaze.

And today ? What fun it is to see Osborne squirming, not knowing which way to face, with policy direction being made on the hoof. He and Cameron suggest one way, the Tory right suggest another and neither convince.

Who has come out of the credit crisis with reputation and integrity intact ? Step forward Dr Vince Cable of the Lib Dems! Good on analysis and solutions.

Moreover. Brown IS getting the better of George Gideon Osborne. I think there is more chance of Marcus mastering the use of an apostrophe than Osborne having a convincing plan for the economy !

Still I'm sure Marcus will find another poll to extrapolate another set of ridiculous assertions from soon ! Keep smiling Marcus, Maybe YOU can stand for Torbay mayor next time !!!! You couldn't be worse than the incumbent

anyone but the tories said...

Oh dear...latest poll puts Tories only 3% in front. That old Bullingdon magic is fading perhaps ?

Ken Clarke vs George Osborne - enough said really.

Let's add in the Bye factor and it's Adrian Sanders MP time again and Marcus crying all the way back to Windsor sob !

The polls may have the Libs on 12% nationally, but even Marcus isn't daft enough to write them off in the bay !

Anonymous said...

2005 GENERAL ELECTION:

LIB DEMS 23%
CONSERVATIVES 33%

THIS POLL

LIB DEMS 12%
CONSERVATIVES 40%

Anonymous said...

Current 'poll of polls' has:

Con 41.6
L D 14.4
Lab 34.0

Unless there is a sustained collapse in Conservative support back below about 38% I'd have though Marcus Wood was guaranteed to win in Torbay - and that is almost irrespective of the level of local Lib Dem support.

nothingbutthesameoldtories said...

Anon, you may have thought, but the reality is Marcus is an unpopular incomer and careerist politician. If he wants to help Torbay that much why hasn't he at least proved his worth as a Torbay Councillor ? Is it not lucrative or prestigious enough for you Marcus ?

Secondly Adrian Sanders IS a popular local (born sand bred) MP, despite what Marcus might have you believe. I'd much prefer him to the Tories. A real progressive versus the fake new Toryism of Marcus. And, I say this as a LABOUR voter. I might have to vote Liberal this time to keep the Tories out !!

Anonymous said...

You are joking of course.

Mind you I suppose if you want to 'keep the Tories out' I suppose making Marcus Wood a county councillor would be an ideal way of ensuring exactly that.

I don't know Marcus Wood and I don't know Adrian Sanders but unless Mr Wood regularly eats baby seals for breakfast we will walk it, and even more after todays fiasco in Westminster.

Unfortunately lots of locally popular local MP's from all parties get thrown out when the Government changes.

anyone but the tories and especially Charlie Windsor said...

So basically Anon, as you admit, you know nothing about Torbay, so y6our opinions are irrelevant !