What was it Gordon Brown said? Britain was best placed to weather the recession? Looks like we're in the longest recession since the 1950s when quarterly records began.

http://news.bbc.co.uk/1/hi/business/8321970.stm

Goodbye Labour, any remaining credibility has been destroyed. I look forward to Labour getting destroyed at the next GE.

Excellent. I love it when we collectively break records. I feel so special right now.

Gordon had lost credibility more than three years ago. PFI and his statement that he had ended boom and bust had clinched it for me. Recessions are a necessary evil to rebalance an economy. The fact that we had none was a problem. I could see that there was a property bubble and many others did as well. I am amazed that none in the government did.

PFI schemes (and there's plenty of scheming going on there) REALLY get on my tits, but the three main parties all support them cos it keeps public-worrying figures off the balance sheet

What I find especially galling is the press saying 'X brought in by the government have been a disaster', but they rarely if ever mention it's a PFI scheme - don't they realise what it would do for their circulation if they just set out in clear terms what a PFI scheme actually is for their readers? It's not bloody difficult, especially when it involves schools, hospitals... even army training is to be done 'on the cheap' (you just fcuking know it'll cost three times what it should and probably see people killed)

Regarding the property bubble, I'd say it was well known what was happening, it just would have been 'unpopular' to say so - and who cares when you can vote yourself a pay rise, have a golden handshake even if you're forced to quit, possibly join the Lords and/or sit on a bunch of directorships etc

The problem all parties is that PFI balances will have to be brought back on to the governments balance sheet. So the government debts will shoot up.