Nail that lie

Here follows an article from friend, comrade, and Parliamentary Candidate for Castle Point, Joe Cooke. It is in response to something that appeared in the Southend Echo.

Robert Baillie (Letters 29 October) does himself no justice by peddling the Tory/LibDem lie that the last Labour government ruined the UK economy. Labour supporters want this nailed once and for all.

In 1997, Labour inherited a debt of 41.9% of GDP and a huge debt in kind with the Tories having run down our schools and hospitals and the numbers and pay of public employees. By 2008, Labour had reduced UK debt to 36.6% while rebuilding our essential services.

The global financial crisis started in America and rippled round the World. The idea that it was a crisis with its origins in Britain is just not true and if the Labour Government had not acted with our partners in Governments around the world to make sure the banks didn’t implode, we would have had a depression rather than this long period of squeezed living standards.

The Tories want to claim that this all happened because of Labour’s spending on more nurses, doctors and police officers, hospitals and schools but that is nonsense. The financial crisis happened in countries with low levels of public spending as well as high. It wasn’t public spending that caused the crisis, it was failure in banks themselves and their regulation.

When the crisis hit, Labour’s action in reducing UK debt to lower than America, France, Germany and Japan enabled us to respond successfully and by 2010, we were back in growth, having prevented mass unemployment. We were not without fault as it happened on our watch but the Bank of England, the FSA and the Treasury all missed the signs. We should have been tougher on Regulation but the Tories and the City were urging us to be softer.

The Coalition has delayed our recovery, giving tax cuts to Hedge Funders while hurting those in need and UK debt has climbed towards 80% of GDP.

Labour’s plans for proper jobs, tough financial regulation, One Nation Working Together, is the vision I hope will earn the trust of the voters we serve.

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One Response to Nail that lie

  1. Thanks Julian – Since this is in response to a letter in the echo naming me, I would like to see it published some time soon but I won’t hold my breath! – Joe

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