Thursday, January 31, 2013
So Much for the Good Times
But surely we were prosperous? No. During the Thatcher and Blair years 'the amount Britons took out of in housing equity withdrawal outstripped GDP growth'.
'under our two most popular prime ministers since the second world war, the UK was as much housing bubble as actual econom.'
Between 3003-8 the economy grew 11% but for typical British workers outside London, their disposable incomes fell.
But surely the fat cats' did well? Too right they did!. Whilst sales by FTSE companies increased 2.7% pedr year the salaries of FTSE company directors increased by 26% annually above inflation. Instead of directing funds into productive new industries, banks and businesses fuelled ever bigger consumer bubbles and their bosses lined their own pockets.
So those good old days were a fantasy; we were let down by the private sector banks and businesses and, of course by our glorious peoples' Chancellor, Gordon Broon..