Wednesday, Sep 17, 2008
The UK should not overreact to the turmoil on world markets: Cameron
FT: Cameron urges centre-right to back capitalism
Cameron states that the turmoil that forced HBOS into Lloyds TSB was due to imbalances in the UK economy caused by Gordon Brown. Growth in the UK had become too reliant on: housing, finance, government spending and immigration.
Posted by denzil @ 06:20 PM (630 views) Add Comment
6 Comments
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1. alan said...
The economy is being steadily wrecked by NuLabour. Tony and Gordo followed reckless policies just to stay in power and now the chickens come home to roost.
The Labour party talked about a balanced economy 25 years ago.....then lost it.
2. jack c said...
I have little confidence in any current uk political party/leader to sort this gigantic mess out.
3. Stevie Dee said...
"Overreact".. patronising at least.. I think that is enough to indicate that this individual should not become a future PM.
4. shipbuilder said...
The nearest thing to a sure thing is that the Tories would have done exactly the same thing over the last 10 years. The only reason why some countries will fare this recession better than others is that they weren't collectively overtaken by utter greed and naked individualistic materialism.
Funny how those screaming for smaller government and freer markets are the biggest critics of the government for bad policies. Time to look at ourselves a bit, methinks.
5. nickolarge said...
Shipbuilder, you are 100% correct. There is a good chance that the Tories would have had even lower interest rates and a subsequently bigger boom.
6. handle_it said...
Let's not forget how instrumental China has been in all this.The market would have blown it's self out years ago if it wasn't for China artificially keeping our inflation low. I honestly can't imagine that this has been missed or over-looked by the powers that be,so to what end ? We tend to apportion blame to those that have taken on too much debt in society. Some of this debt has been racked-up on trivial consumerism but the vast majority (nearly 90% I believe) has been on housing. Governments must have realized that spending was too high and saving too low,so other than to stay in office,why would they leave the markets to run away ? I think it's simplistic to believe that the banking system is too blame for this mess.