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Published on Oct 21, 2008
These figures were quoted from reports in the autumn and the debt levels in the UK have now greatly increased. The pound has also lost a quarter of its value as the world realises what a state we are in.
From 1997, Gordon brown adopted and promoted Thatcher's free market ideals. He deregulated the banking system. This allowed collateral, backed with mortgages to be taken out of the control of British regulation and jurisdiction. He told us he would have a light touch on the Financial Sector. He told us there would be no more boom and bust.
He sold off more than half the countrys gold reserves at the bottom of the market.
He hid the massive rise in Government debt in Private Finance Initiatives (PFIs) which now amounts to £73bn.
He encouraged the housing boom. Lending on dwellings now stands at £1,216bn
He encouraged living on credit. Lending to individuals now stands at £232bn.
He has also built up more government, personal and corporate debt than any other UK government in history, including those that fought the world wars, the Korean War, the Falklands war, etc.
IMF predicts that the UK will be the worst hit out of the worlds leading rich economies
Now he has given Mandelson a peerage in order to serve in his Cabinet. The spin-doctor who embedded the culture of lies in the New Labour Party is back.
He tells us that Scotland could not survive outside the Union. Who is he to tell us about the prosperity of the future of Scotland?
This sad song reflects lost opportunities of a country almost left in financial ruin.