Monday, 30 November 2009

Labour always wrecks the economy. This time it may be for good!

" Britain risks becoming the first country in the G10 bloc of major economies to risk capital flight and a full-blown debt crisis over coming months"
Isn't that what Labour has been working towards?
So many superlatives for yellow streak Brown's tenure; worst performing since records began?
A full blown crisis is inevitable because:
  • There is no sign of cutting back the huge government expenditure on social security, health, government employee pensions and defense.
  • There is no sign of reducing the expense based public sector and increasing the wealth generating private sector.
  • Taxes will damage the domestic economy and reduce incentives.
  • There is still to much economic dependence on real estate.
  • The policy of immigration of unskilled and emigration of skilled workforces reduces UK's innovative capability.
  • The main UK wealth generating industry - banking - is severely damaged and will take years to recover.
  • There is a population preference for socialism rather than capitalism, just when other countries, even China, is moving into capitalist mode.
  • The UK education standards have fallen behind global competitors.
  • Sterling will certainly fall heavily, but will be of little benefit as the UK has lost most of its export industry (unlike France and Germany).
Now we need to find a fiscal wizard to move into No.11 and set UK PLC on the road to recovery - I have not seen this person on the front bench of the Labour party so perhaps it is time to look outside politics into industry - the worse decision is to do nothing and allow UK PLC to drift further into crisis.
Labour always wrecks the economy this time it may be for good!

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