If you can remember Jeepers, or perhaps you can’t as your memory seems a bit iffy. In the run up to the 1997 election, Labour accused the Tories of a £5 billion “black hole” and said that they would have to tax or cut spending in order to fill it. They made a huge issue of it and basically it was this that lost the Tories the election – plus the John Major debacle.
What Labour did not tell the electorate was the fact that £5 Billion was peanuts to them, they were going to create a £185 Billion black hole and this is what we have today. Labour created this, nobody else and it was Labour that took the Bank regulatory function from the bank of England and then gave it to the new Labour invention the Financial Services Authority who totally failed to regu;ate the banks and let them run riot.
Labour have left an economic disaster every time their Government ends and yet, in 1997 they took over the best economy that this country has had for donkey’s years.
No, the consequences for next year (and the many after that) will be the same no matter what party gets in, Labour have caused a problem that will take us 30 years to get out of. They also continue to borrow money right up to the day of the election. If they get in, after the election, watch out because they will be repaying everything that they have borrowed.
Don’t accuse the Tories of this disaster albeit, if they get in it will be them who pick up the blame for having to correct it.
If there was any justice, the Tories would lose, Labour should win and the country would then see the utter folly of what this gaggle have done to us over the past 13 years because the coming years are not going to be very pleasant. Why should any other party get the blame for what Labour have done and to say that this crisis would have happened whatever party was in power is just plain stupid, no other party would have borrowed and printed money to the extent that Labour has, the old adage was that they failed “to save for a rainy day”. How very true, now we have to pay back the debts that they racked up and we have nothing to pay them back with, except increased taxes and decreased public spending.

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No one has mentioned the pension crisis .Pensions were flourishing pre 1997.Gordon Brown and his cronies have wrecked the pension industry for rich and poor alike .Not to worry though him and his cronies will be o.k. they will never get their come uppance .

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this letter is clearly written by a tory, so not worht the paper its written on, torys are selfish and uncaring and socially irresponsible wedded to old fashioned laiussez faire economic idealism which is what caused the credit crunch

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No I did not forget Mrs thatchers part in this .She gave many firms a pension holiday but not the workers in order to boost their values at sell of .She has nothing and I repeat nothing to be proud of .However by 1997 most pension funds had a surplus which had built up .These surpluses should have been for “rainy days” but Mr bean saw the surpluses as another way to raise tax so he took 5 billion a year from them .He was told what the effect would be but just like the 10P tax rate and everything else but he did not listen .One would have to say that a person who believes he is Prime Minister by Devine Right will never listen .D.L.Barnett

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Peter, I suggest that you do a little research because your comment at 5 is utterly flawed and I use that word kindly.
Labour came into power in 1997, before that, pension schemes, in the main were healthy and viable. Indeed I cannot recall one pension scheme going bust or folding with the exception of that one run by that arch Labour fraudster, Maxwell who used his company pension fund to pay for his grand lifestyle until he took a nosedive off his yacht. Tell me of others, please. You will find it extremely difficult.
Pension schemes started folding en-masse after Clown raided them for tax on the interest that the invested funds earned. Period.
In the main, schemes failed because the payments made into them by the would be pensioners, were insufficient to pay the expected pensions based on those contributions because of Clown’s tax deductions. Had he not taxed them, most would have continued as previously.
Almost every word you utter with regard to pensions is wrong. Clown wrecked them with the encouragement of Bliar, nobody else. Try giving your excuse to those pensioners affected by Clown’s action.
Then we have once again, the old Peter marxist quote and excuse for everything that is associated with the current disaster. The “bosses are to blame”. This foolish hark back to years long since gone is for the birds. Can I suggest that as opposed to coming out with the quotes of the Andy Cap’s and Fag Ash Lil’s of the Labour Party faithful, you really get with it and face facts, read papers, watch TV news programmes, listen to political speeches, go to libraries and generally do all the things that intelligent people do to keep abreast of developments in this country of ours because you are badly out of touch and one can only conclude that the comments that you make with regard to extreme left wing politics are deliberately so.

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I have a pretty good idea who you are Peter .I am afraid to say that you have been so indoctrinated with Labour all your life you are incapable of seeing any other point of view .If you were sliced into little rings we would see vote Labour at any cost right through you like a stick of rock .There are none so blind as those that will not see .Stuart you are spot on as usual .

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