How did the situation in the UK get so bad?
While we hear about the doom and gloom surrounding the worldwide economy many people at home are wondering just how a once prosperous UK economy has fallen so sharply leaving many companies and people destitute. The once proud housing market is literally on its knees, the stock market is more volatile than ever before and the ruling Labour Party appear hellbent on fighting amongst themselves.
A quick look back to the Tony Blair era, whether you were a fan or not, seems so very very long ago with the UK economy then prosperous, property prices buoyant and consumer spending on the up and up. However, when you consider that Gordon Brown was Chancellor at the time, and the major changes which he has instigated during his tenure, the signs were there many years ago that the UK economy was far too reliant on property and debt.
There were many at the time who suggested this was the case but like so many who disagreed they were disregarded as politically motivated attacks. However, many of these experts can now look back and remind the politicians of the warnings they gave and the reasons they suggested. Whether we would be in as difficult a situation as we are now without the credit crunch is debatable but the signs have been there for some time that all was not well in the UK economy.
Perhaps Gordon Brown's boast of beating the "boom and bust cycle" was the beginning of the end for the UK economy.
Share this..
Related stories
Will the UK financial sector ever be the same again?
Despite the fact that the UK government has injected billions upon billions of pounds of taxpayer's money into the UK financial sector, and money markets in particular, there is concern that the UK financial sector is about to change forever. One of the major concerns is the fact that the European Union has become more involved over the last few months and has ultimately been looking to reduce the...
Read MoreITV in complete chaos
After the most turbulent period in the history of ITV, things got worse today with news that Chairman Michael Grade, brought in as the saviour just a while ago, will be leaving the company in the short term. He is said to be in dispute with the rest of the ITV board regarding attempts to recruit former chief executive of BSkyB, Tony Ball.
Aside from the fact that Tony Ball's wage de...
Can Labour afford to keep increasing investment in public services?
In many ways the Labour Party has made a rod for its own back as public spending investment has been one of the central planks of both new Labour and old Labour. This is one of the areas of investment which differentiates the Labour Party from the Conservative party and even though Alistair Darling and Gordon Brown are well aware that investment should be cut in the public sector they very much ha...
Read MoreAre EU members as close as many seem to think?
The ongoing strikes in UK, with regards to an Italian company working in UK which is alleged to have barred the UK workers from applying for positions, could have a serious impact across the EU. The Italian company in question has today confirmed that 100 UK workers are currently employed on a project in Venice where they are working side-by-side with Italian workers. However, the issue does not s...
Read MoreBrown Tries To Gloss Over Darlings Remarks
Using a keynote speech at the CBI in Scotland we saw Gordon Brown looking more upbeat than he has for some time, more resilient and more candid in his approach to the struggle with the economy. While he has watered down his recent more optimistic tones he said that he was 'cautiously optimistic' that the UK downturn would be short and sharp, followed by a strong bounce. So what else did he have...
Read More