Reminder that The UK Govt wasn’t “bankrupt” after the 2008 crash.
The Govt bailed out the banks, not the other way around. And austerity was neither necessary nor good.
The Govt bailed out the banks, not the other way around. And austerity was neither necessary nor good.
No. The U.K. wasn’t “bankrupt” in the 1970’s. It ran down its foreign reserves foolishly trying to target a foreign exchange rate. And the IMF deal simply served to masquerade politicians support for austerity by helping them pretend it was imposed on them.
Leavers in particular should understand this. Bc it’s also what the EU does.
Neither was the country “bankrupt” after the Great Depression. It went on to fund WW2. There was no one to tax, no one to borrow from. The Govt spent *first* and then taxed and issued bonds later. The investment reduced unemployment below 1% and kept inflation low. >
And finally the U.K. wasn’t “bankrupt” after WW2 either. At least not in the sense ppl were made to believe it was. Govt investment played a huge part in the recovery after the war. We went on to create the NHS and that had a huge positive impact on the economy.
