I really don't know how people let Labour and Gordon Brown supporters get away with this one; that because most of the world went into recession that Labour had nothing to do with it.
They ignore that Gordon Brown was in a position of great power for 10 years running up to the bust who oversaw the entire farce of the property bubble.
London is arguably the financial capital of world depending what measurements are used to compared it with its only possible rival, New York.
The UK was also involved in sub-prime, specifically Northern Rock.
It is indeed a global recession and we know who had a substantial part to play in triggering it.
In addition to the above there are many metrics that the UK came out as one of the worse in the meltdown.
It is also clear that UK banks were major players in enabling many other countries to put themselves in such a bad situation. Bad enough by itself, but to top it off, Gordon Brown was Prime Minister that authorised using British tax payer's money to bail out the mistakes that made bankers millionaires in the process. If the banks had a hunch that their actions would trigger a tremendous boom, allow them to pocket the profits, would be followed by tremendous bust that Gordon Brown would bail out using tax payer's, they would have been correct; he did.
Finally, was public spending and debt lower before the recession than in 1997? Note, before the recession. That's cherry picking data. You have to see the whole scenario through and we know how it ended.
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