Time to lay Labour debt myth to rest (From Witney Gazette)
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Time to lay Labour debt myth to rest
11:00am Wednesday 31st October 2012 in Letters
Sir – It is time that the myth that the last Labour government was addicted to debt is laid to rest. David Cameron was at it again in his speech to the Conservative Party conference this month.
In fact, between 1997 when Labour came to power and 2008, the total net national debt as a proportion of GDP fell from 42 per cent to 37 per cent (by comparison, John Major’s government saw a rise from 27 per cent to 42 per cent).
The increase thereafter was due to the financial crisis caused by the banks and the necessary measures the Government then took to deal with the consequences.
By all means criticise Labour for not regulating the banks more stringently more quickly – I do; but recognise that the Conservatives were at that time saying the banks were over-regulated.
The claim that Labour in government was profligate in borrowing is just contrary to the facts.
Chris Johnson, Chair, Witney Constituency Labour Party
