Ftse 100

StevieJ

It is interesting to note that Ftse 100 at points over the last couple of days was lower than the index stood after Labour raided the pension funds in their first budget in July 1997.

dunstonh

StevieJ wrote: »

It is interesting to note that Ftse 100 at points over the last couple of days was lower than the index stood after Labour raided the pension funds in their first budget in July 1997.

It is also one of the worst performing indices of the Western economies in that period as well.

purch

It is also one of the worst performing indices of the Western economies in that period as well.

Despite Gordon's Economic miracle :rotfl:

Like the emperors new clothes, for years no one was brave enough to shout "It's all a Sham !!!!"

GeorgeHowell

purch wrote: »

Despite Gordon's Economic miracle :rotfl:

Like the emperors new clothes, for years no one was brave enough to shout "It's all a Sham !!!!"

Oh yes we did, but few listened and the majority chose instead to elect New Labour for three terms.

StevieJ

dunstonh wrote: »

It is also one of the worst performing indices of the Western economies in that period as well.

I just knew you were going to write that.

Paul_Herring

StevieJ wrote: »

It is interesting to note that Ftse 100 at points over the last couple of days was lower than the index stood after Labour raided the pension funds in their first budget in July 1997.

I see what you're saying - it puts it all into perspective: "The only thing worse than Labour raiding the pension schemes is the meltdown of the world economy..." or some such sentiment.

:rolleyes:

dunstonh

StevieJ wrote: »

I just knew you were going to write that.

That stat may be getting a bit old so I ran though a Oct 97 to Oct 08 quick and dirty index chart and saw that the irish market has dropped significantly in recent times and actually comes out worse than the FTSE100 now. I'm no expert on Ireland but I wonder if thats linked to the redirection of EU funds to the East after all those years going into Ireland. Or it was just a market that was in a bubble.

opinions4u

Our prudent economic miracle under New Labour was built on a property boom.

Cheap credit markets - expanding mortgage lending - driving higher property prices.

Bigger stamp duty take for HM Treasury. Oh, and a huge IHT windfall too when Granny drops dead. Not to mention massive Corporation Tax income for Mr Brown too.

He spent it on something. Can't quite see the benefit, but there are more people in employment than ever before. Most of them either foreign or working for the state. Or foreign and working for the state.

I won't say I think an alternative political party would have done any better. Not sure they would.

But this nation is screaming out for leadership that finds a way to stimulate enterprise and reduce state interference. Oh, and dramatically cut welfare spending.

Not easy when we're on our knees and sinking.

GeorgeHowell

opinions4u wrote: »

But this nation is screaming out for leadership that finds a way to stimulate enterprise and reduce state interference. Oh, and dramatically cut welfare spending.

You won't get this under Labour, no matter who is in charge. Their overriding priority is what they see as social justice. Considerations of personal wealth, levels of taxation, stimulation of enterprise, government spending control are all completely subordinate to this. Probably 25%-30% of the electorate broadly share this view, and another 30% do not. The remainder vote primarily on the basis of who they think will render them better off in the foreseeable future, and are the cause of the pendulum swinging that charecterises this country's politics. Assuming that at least a 10% lead for the Conservatives continues to the next general election, then we will have a change of government. They will not prove to be miracle workers and will not solve all the problems. But the pendulum will tend to swing away from the notion of social justice as the be all and end all, towards stimulation of wealth creation. Neverthless sooner or later the next administration will run out of steam and get the boot. The the pendulum will then swing back again. That's why this country will not be anywhere near the top of the economic or quality of life league tables any time soon.