Each week we round-up the best comments, emails and letters to the site and pick one reader contribution as our Star Letter. This week’s award goes to:
BSA Manchester: Darling admits Labour failed mortgage industry
If we had had Darling as Chancellor from 1997, I suspect we would have for once ended a Labour Government for a reason other than financial disaster. He seemed to do what Brown had failed to do and that was stand up to the PM of the day and tell him the Government could not spend more money than it received.
Overspending for 13 years led to a £1 trillion to £5 trillion pound national debt (depending on which economist you believe). Brown sold the lie that the £100 billion bank bail out (repayable by the banks) was the cause of Britain’s woes and not the trillions of pounds of State debt (repayable by us tax payers – rich and poor).
Had some of the current MMR proposals been included when mortgage regulation came in 2004, we would might have avoided boom and bust in the mortgage world and seen stable growth. Many, including myself, suggested this at the time, but the tax revenue from house sales and construction was essential to maintain the Government spending agenda. And what lesson has the British public learned…? This month’s election saw Labour win 824 council seats and control of 32 more councils.
Arron Bardoe
09 May 2012 | 16:51
You can see more of this week’s best reader comments by clicking HERE and read a round-up of the week’s biggest news stories HERE.
