Re:UK Fell into Recession in 2023
by andyjohnson0 on Thursday February 15, 2024 @08:51AM
(#39382666)
> Can't blame them for the 2008 financial crisis,
Neither the Labour govt of the time or the Conservative ones we've had since 2010 were immediately responsible. But the austerity policy pursued by the Tories since 2010 has put the country in an economic death spiral. Pre-gfc levels of education, health and social care, law and order, infrastructure and defence provision are now basically impossible for the country to sustain. I don't see any way back from this in a timescale that doesn't condem my children's generation to poverty and disadvantage.
(And if the gfc was caused by a failure of regulation then every uk government since 1979 bears some culpability for its failure to supervise a major financial market centre.)
Neither the Labour govt of the time or the Conservative ones we've had since 2010 were immediately responsible. But the austerity policy pursued by the Tories since 2010 has put the country in an economic death spiral. Pre-gfc levels of education, health and social care, law and order, infrastructure and defence provision are now basically impossible for the country to sustain. I don't see any way back from this in a timescale that doesn't condem my children's generation to poverty and disadvantage.
(And if the gfc was caused by a failure of regulation then every uk government since 1979 bears some culpability for its failure to supervise a major financial market centre.)