Thursday, 31 March 2005

New Labour election campaign to 'focus on the economy'

In the forthcoming general election campaign, Labour shall put the UK's economic future at the heart of their campaigning, according to Gordon Brown MP.

He said "voters would recognise that Labour had brought stability and growth, and would continue to do so."

Well yes, Britain's economic performance has been stable under New Labour, but Mr. Brown should realise that New Labour inherited a strong economic position in 1997. Bar Bank of England independence, the economic policies of New Labour haven't been vastly different to the last Conservative government.

A report by the Institute of Fiscal Studies stated that average incomes had fallen for the first time since the early 90's recession. Alan Milburn, the Chancellor of the Duchy of Lancaster, said that:

"Since 1997, the reported average take-home income had 'risen by 20% in real terms' if you took out the self-employed."

I'm not an expert in economics, but I wonder if the Treasury has any statistics which can successfully refute the IFS' claim.