Former Tory PM Sir John Major says the government was right to re-capitalise the banks, but is now overstating the scale of the economic downturn for political gain (to justify increased borrowing.)
Is he right or wrong?
If he is right, why is the nation in panic?
If he is wrong, why are news bulletins full of tales of job losses every day?
Rent Back Fast
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#1 by Tango at June 15th, 2009
No it’s not being overstated. One of the main reasons why we are in a recession is because it’s always been rip off Britain. If prices had been reduced years ago and not taxed to the hilt, people would have had more money to spend which in turn creates employment. Rip off Britain includes all the fat cats in utility companies, water supply companies, banks and many other large supply chains like supermarkets and shops.
#2 by lowjoy at June 17th, 2009
I am not really interested in what they do, because whatever we say or do it does not make any difference, as they never listen. All I have to worry about is how to eke my Pension out over Christmas, and they do not worry about that.These days it is a question of “I am alright jack ” and we are not interested in you.!
#3 by Poppyvox at June 17th, 2009
Who? Job losses are real. The economy is in meltdown. The value of the pounds is falling fast. Gordon Brown has saved the World.
#4 by Eddy T at June 20th, 2009
Yes, Sir John Major is right. Gorden Brown is findings ways for the country to come out of this recession. The government re-capitalise banks so the banks can complete their write downs and commence their lending business. Also lowering interest rates to 2% to address the mortgage problems and prevent people from becoming homeless. To encourage banks to provide cheaper loans to the small and medium enterprises to create employment and economic growth. Also to lessen the scale of the uk recession, Brown needs also to encourage employable people not to be choosy and to go into the job market to help out in his recovery plans.
#5 by kingtut at June 21st, 2009
No it’s not being overstated
#6 by ketkonen at June 23rd, 2009
Actually, I think it’s being understated. The amounts of debt in this country are truly terrifying.
#7 by James Mack at June 25th, 2009
No. Things are going to get a LOT worse over the next 18 months.
#8 by Cool Hal at June 26th, 2009
When John Major was PM he didnt have a clue what was happening in the economy.
Not a lot has changed in 11 years!!!
#9 by teddy at June 28th, 2009
it is real, as you only have to look at the job losses, and industries shedding jobs, downsizing or simply going bust. The pub trade has been decimated, and the fact that the smoking ban has had a detrimental effect on it, and now that the only people seeming to be doing slightly better are public sector workers who on retirement get cast iron pensions, costing the country billions, whilst the private sector pension pot has been creamed.
Food, utility bills, council tax, public transport fares all rising, and no end in sight. Billions to bail out banks, and homes being repossessed by the day. Those people have then to find somewhere, causing probably more burden on the state, and the same goes for massive job losses. Brown borrowing billions more to shore up the ailing system isn’t going to help.