I hear that David Cameron is going to say sorry tonight.
According to the Telegraph, he's going to say sorry for the 'failure of the Conservatives to hold Gordon Brown and the Government to account over Britain’s economic policies in the run-up to the financial crisis.'
He will say, because it's been heavily trailed by his spin doctors:
“Do I believe we did enough to warn about the rising levels of corporate debt, banking debt and borrowing from abroad? No. And there are other areas of economic policy where I look back now and think we would have done it differently if we had the time again."
Since he's apologizing for not holding a government to account for a global economic downturn that started in America, perhaps he'll say sorry for something that he was DIRECTLY responsible for.
I remember Black Wednesday when Lamont and his advisor Cameron put up interest rates by 2 percent IN A DAY to 12%. They said they'd raise them again to 15% but the dealers didn't believe them and they kept selling sterling, forcing Lamont to pull the pound out of the Exchange Rate Mechanism after spending £27 billion trying to prop it up.
What a way to run a Government!
They're desire to combat inflation led to them hiking up interest rates so high that they brought the economy to a standstill - mortgage payments went through the roof, causing the housing market to collapse and plunging tens of thousands into negative equity.
They could have cut interest rates but they didn't - to them the exchange rate target for the ERM was far more important than economic growth.
So thousands of businesses, especially in the manufacturing sector, collapsed and unemployment rose to three million.
But the Tories didn't give a damn. Do you remember what Lamont said in that recession?
"Rising unemployment and the recession have been the price that we have had to pay to get inflation down. That price is well worth paying."
It took this Labour Government to produce the lowest levels of inflation and interest rates, record level of employment and the longest period of sustainable economic growth in Britain for 200 years.
We created the perfect economic conditions for the banks and they abused it for their own greed.
So compare the early 1990s recession to this one. We have low inflation, low interest rates and a Government that won't just stand by and see people suffer. Gordon is doing all he can to tackle a global financial disaster that was not of our making.
So if you really want to say sorry Dave, say sorry for 1992.
Say sorry to three million people you forced onto the dole.
Say sorry to the tens of thousands of people who had their homes repossessed thanks to negative equity.
Or could it be, like your old boss:
"Je ne regrette rien."
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It doesn't matter what the Tories did in 1992 John, that was 17 years ago, almost a generation ago.
Labour have been in power well over a decade now. We are interested in what you are doing RIGHT now.
Ordinary working class people are being made redundant at record rates. You are supposed to be the party of the working class and you've shafted them at every turn.
Having lived through a few recessions, I can quite categorically say that this is the worst one I've ever lived through and its on Labours watch.
Ordinary people are extremely angry at how incompetent this government has been. You've squandered billions on illegal wars and stupid white elephant IT schemes that have been massively over-budget.
When major firms that have traded for centuries go to the wall you have to ask big questions about Labours ability to run an economy.
Sure the Tories haven't run the economy well in the past, but to truly screw our country up, it requires a Labour government.
I can't wait to vote Labour out.
You backed it, all the way and your old mate Tony wanted us to join the Euro!
Did you or Tony do anything to stop Gordon borrowing billions even before the bungs and bail outs began? Gordon didn't balance a budget from 2001 onwards and you just cheered him on.
I don't hear any apologies from you for that?
Treasury documents released on Feb 9th 2005 under the Freedom of Information Act reveal that the total cost of the "Black Wednesday" was only arround £3.3bn, rather than the £13-27bn previously estimated.
In other words chicken feed.
Intervention itself is not a cost but the swapping of one currency for another and that intervention was not discretionary or optional but mandatory under the rules of the ERM.
The Labour party is in no position to make political capital out of the ERM, a policy they supported strongly.
Gordon Brown described the ERM as applying 'socialist planning' to the economy rather than 'relying on market forces'
It is said that an important consequence of Black Wednesday was that it transformed Gordon Brown's view of the ERM and the prospect of joining the single currency, on which he had previously been very keen.
Whilst you and all the other MPs fill your pockets with our taxes (yes my wife and I pay tax on a meager pension) pensioners are dying, choosing between food and fuel. You have destroyed the country that I was once proud to call mine and I fear for the future for my children and grandchildren. I expect you will retire soon, taking your ill gotten gains with you - no reward for failure but of course, like a lot of other things, it will not apply to you.
You will no doubt leave your 'gravy train' humming, 'Je ne regrette rien.'
"Say sorry to the tens of thousands of people who had their homes repossessed thanks to negative equity."
How many you up to now Johnny Boy?
"Gordon is doing all he can to tackle a global financial disaster that was not of our making."
Typical - good times are down to us but this is nothing to do with us. Blame Maggie...typical. No John, part of the problem was down to what Gormless Brown did with the banks. And you were in there with him.
Regards the great economic boom, I think you'll find it was going really well when you took over in 97 and you pretty much kept to the Tory plans to start with.
Yes the Tories did cock up back then - but they, like hopefully you, paid for it at the election.
Tell you what, you keep spouting your rubbish about everyone else and saying how great you and your mates Gordon and Peter are...and I'll keep feeling sick and vowing NEVER to vote Labour again.
You and your type can't be trusted.
The last Tory who said "you've never had it so good" was the late Sir Harold MacMillan he was Prime minister in the sixties.
This man in his later years wept openly in the Lords at what his party had done to this country and he denounced Thatcherism.
People supporting Cameron & Osborne and the rest of the "Do Nothing Party" are supporting Thatcherism politics and not just Conservatism.
The Tory media may believe they have got the election sown up but the Voters in this country are more intelligent than we give them credit for.
Cameron has exposed himself as a phoney and comes across as insincere-
He is using the Tory Media once again
I agree with Stephen Timms he is a "HYPOCRITE".
The economy his in safe hands with Gordon & Alistair--The recession will be shorter due to the measures they have taken.
They have still got a lot to do to help people get through this but they are certainly working very hard to turn things around and the difficulty is it is Global and has to be reviewed daily.
From your comments I would hazard a guess that you are not:
1.A pensioner who has seen her pension robbed. Who has seen her meager savings devalued. Who enjoys the lowest state pension in Europe.
2. A parent who sees her children, for 1001 different reasons, deprived of a decent education. Who sees her children exposed to violent disorder, drugs, knife and gun crime on the streets of their cities and towns.
3. A person in poor health who fears being admitted into hospital where people die, not from their illness but infections caused by the poor state of the wards due to lack of cleanliness and hygiene.
This government has failed all the people in the land and ensured that a socialist government will not be elected again for decades.
I am in receipt of my state pension and was affected by the change to the 10% tax but I realized what Gordon Brown was doing when he did away with it and was trying to help more families with children by reducing the basic rate tax removing the 10% and reducing 22% to 20% for families. You see Edward that's how socialists think more caring than conservatism.
Under Labour our pension has been increased more than any previous Government. We've seen help with Gas & Electricity bills and also a Tax credit introduced for pensioners.
I must add that You are so out of touch on the changes to the NHS and the improvements that Labour have made in the last 12yrs.
The problems to the NHS happened under conservative governments and the lack of funding during their time in office and believe me it was a very serious and visible the state of the hospitals as everything had been put out to private tender, cleaning contracts being the main one.
Labour have acted to eradicate hospital infections and it's still ongoing but now we have Matrons back in hospitals who will oversee hygiene etc.
There is still a lot of work to be done.
Labour's record of improvements in education still beats the Tories.
It's probably a local problem in the area you live in maybe run by Tories or Lib/dem council.
Tax credits are in place for families and financial assistance with Nursery places to help parents to work if they so wish.
This has only been available since Labour came to power.
I can't believe that you think the conservatives are more interested in deprived areas than Labour and they have the answers to knife and gun crime.
The Tories have always been "A DO NOTHING PARTY" and will not spend on services to enhance the lives of ordinary people.
This rubbish that Labour has failed all of the people is not true.
Thanks for the reply--we might differ on Labour's achievements--but it's a healthy debate.
It concerns me that you believe my views are Labour Propaganda.
I feel confident that I can relay my views on the achievements of Labour and know that it is available to everybody to compere Governments past and present for themselves
You're right Life is hard
Today I read in The Observer jobs crisis 10 people for every vacancy.
In 1986 I lived in a part of the country that on the day a new company was handing out application forms for 150 Jobs. TV cameras came to report around 5000 people in the queue.
Unemployment had been like that since Thatcher came in.
She closed the doors on the North that is anything North of Watford. People in the south were cushioned from recession.
I seen real financial struggles around the area, Families broken up. Hopelessness is a cancer and ravishes people and communities. There was also the tradgedy of teenagers who had never worked and I live with the memory of three of my neighbours sons who made a pact and ended their lives.The average age was 18.
It was because of this I took the oppertunity to move down south so that my children would have the right to work.
I am a socialist and that means we only recognise and believe in fairness for all and not an I'm all right Jack attitude.
I have the confidence in Gordon Brown & Alistair Darling and their socialist values to know that the country is in good hands and it will not go bankrupt.
The Global crisis has affected every major economy.
I must emphasize that the true politics and what is really happening in the country is not found in the News or the Press.
Firstly, your assumption that I am a Tory voter is wrong. I voted for Blair, thinking that at last there was the prospect of a government that would really help the working man and the weak in our society - how wrong I was.
It is no good you, and all the others in this government blaming Thatcher and the Tories for the horrendous mess that this country is in - they have been in power for twelve years for gods sake.
Do you remember Blair's cry, 'Education, Education, Education' Children are leaving school illiterate and innumerate. They have had 12 years to fix it and have failed.
The country is bankrupt and this government is responsible, or do you go along with Browns mantra, 'It started in America and it is a global problem!
Mass, unregulated immigration has destroyed the fabric of our society and caused unworkable strains on the police, the health and social services. Millions of people with no incentive to work are in receipt of benefits whilst my wife and I pay tax on our meager pensions, supporting their lifestyle. Please don't tell me it aint so because I see it every day in my neighborhood.
Brown said 'No reward for failure.' Well they have failed us and their rewards are massive tax payer funded pensions and unbelievable expenses. They call themselves socialists - in my opinion they are traitors to the working class. I will never vote for them again.
Cameron was just a junior official when White Wednesday occured - the day the UK Economy freed itself from the ERM Straitjacket ... it doesn't compare with the failures of the current PM, sidekick Balls when he was in the Treasury or his hopeless wife who's still there.
Funny, that's not how I remember it...
http://abcnews.go.com/Business/story?id=7045889&page=1
In LONDON ??
I suspect that Gordon is saving his apologies for all the Labour MPs who will be out of a job when the next General Election is eventually called.
Sorry but have you read the comments on this site? Most are against Labour. Does that mean...
1 - the site is crawling with Tory Trolls bad mouthing poor little Johhny Boy and his mis-understood friends, or
2 - the site is being used by various voters, Labour, Tory and Lib Dem to tell Prescott, Brown and Co what they think of them
Having voted Blair in 97 (hence I don't give my real name as am too ashamed now) I would rather vote for either of the other parties then get this lot in again.
Norman...
Yes hindsight is a wonderful thing and maybe things could have been different. My issue is that after 12 YEARS this lot are still whining "but the Tories did this, the Tories did that".
Yes they weren't perfect but I can remember what a state the last Labour government got us into...
3 days weeks
Power cuts
Rubbish on the streets
Strikes every 5 minutes
Yes, maybe it should have been done differently, but then hey, hindsight is a wonderful thing isn't it.
There are things that Labour have done well with, however there is a lot more they've done wrong with.
If you want to criticise Cameron, how do you know he is a con? Take it that it's not okay to have a go at Brown for hindsight but okay to have a go at Cameron with foresight?
That to me sums up what is wrong with Labour / Nu Labour / New Labour / Newer Labour / Labour List etc
Labour say Cameron has no experience...yet Labour courted Obhama?
Brown says the recession started in the US - yet fails to mention this in his vomit inducing speach in the US.
Brown says the banks weren't regulated properly - yet forgets he was the one that set it up.
In my opinion, Labour is so full of spin and PR that it actually doesn't know what people feel about it.
It's sat tucked away at home whilst the likes of Derek Draper and John Prescott tell it that the banging on the doors is just some Tory Trolls outside.
Come June 2010, you better hope they are right...
It let's us know how they think.
It's a fact that when countrys are experiencing financial difficulties the populace moves more to the right ie nationalistic and protectionist.
I certainly know that Labour party supporters will do everything they can to ensure Tory policies are highlighted and people know exactly what they stand for.
Ordinary people will be the losers under Tory--
I don't believe the Tories have the politicians that can lead--Observer said only four in cliche run the show--Cameron-Osborne-Hague-Clark and no policies as to how they will govern.
BROWN-NOSE--I am impressed by the amount of energy you put into writing on this blog. but I am unsure that you actually know how to decipher what is Good Government for all of the people