Thursday, January 31, 2013

 

So Much for the Good Times

It's taken my a while to get used to Aditya Chakrbortty in the Guardian but yesterday's piece was a bit of a revelation as well as a clear analysis of just how badly our economy has fared since the late 1990s. It is comforting at times to think these were the glory days, when we all had lots of dosh. But 'Chaks' enlightens us with his expert knowledge. Or rather Manchester University's Centre for Research and Socio-Cultural Change, whose findings reveal that between 1998-2007, the private sector created almost no net new jobs north of Watford.

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..





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