New Labour loves spenders and hates savers.UK households haven't let New Labour down. Since the 1997 election, UK imports increased in every quarter except one. In some quarters, imports managed to grow at over 10 percent.
Those happy days of cheap goods are now over. Sterling is on the slide.
5 comments:
It was great while it lasted.
The hangover from this party will last a generation.
gordon is a damn fool and he has sacrificed our future for his vanity.
Couldn't happen to a nicer nation of human beings (not).
anon
cultural self loather or just taking a cheap shot?
didnt this govt introduce isas? you can lead a horse to water etc...
speaking to german friends, i gather they are strict adherents to save first then spend. their economy seems to be just as vulnerable to recession. nevertheless, at least there is both a perceived and real sense of "value" to their industry. isnt it time to re-align ours in a similar fashion? after all by the end of next year there will be plenty of available job seekers.
I am glad that banks and building societies are keeping interest rates for savers and borrowers high - compared to BOE rate.
If people have saved, why should they pay for others recklessness - and similarly, if someone wants to buy that new BMW, then they should be prepared to pay higher interest rates... if they need it that badly !
Pity this government has no morals or common sense too eh... oh silly me I forgot that the UK economy DEPENDS on consumers spending money they haven't got !
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