Newspaper article The Journal (Newcastle, England)

Crisis Is Not All Down to Labour; Views of the North

Newspaper article The Journal (Newcastle, England)

Crisis Is Not All Down to Labour; Views of the North

Article excerpt

JOHN Warmingham's claim that New Labour got us into the economic mess we are in today is oversimplistic, ahistorical and misleading (Views of the North, June 28).

While New Labour can't be totally absolved of blame it borders on the ridiculous to imply the Coalition is innocent and undeserving of the "stick" it receives.

The trauma of the Winter of Discontent during the 1970s gave the incoming Thatcher Government the opportunity to enact radical policies that included the deregulation of financial markets, anti-union legislation, privatisation and the selloff of council housing.

In short, the effect was to shift money and power from the poor to the rich, leading to the stagnation of wages, inequality, the inflation of house prices and an economy even more prone to boom and bust.

The increased power of financial institutions and greater reliance on new financial (and incomprehensible) markets has not only led to greater corruption, but has also forced governments to continue the free market momentum. …

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