The problem, how we got here - part 1
part 2 will offer solutions
Income inequality increased:
This 2007 link reports on the very poor social mobility in the United Kingdom
http://www.telegraph.co.uk/news/uknews/1555697/UK-one-of-worst-countries-for-social-mobility.html
which is commenting on this report available here:
http://www2.lse.ac.uk/newsAndMedia/news/archives/2007/SocialMobilityDec07.aspx
Basically, as inequality has risen, mobility has fallen but stablised during the new labour era (where the increasing GINI inequality score also stabalised) - But overall, matters are worse than what they were 30 years ago.
In Britain, the forces of conservatism have told some awesome lies over the past 30 years. And they've told them well, Many people even today think Thatcher was the necessary medicine for Britains wholly transient problems.
The Labour government then had a living hell of global economic conditions:
THE LABOUR government had to contend with shockingly high energy prices.
This graph from inflationdata.com oil
Labour had no chance in this economic environment. With energy prices spiking. Insecurity in energy prices manifests itself with a collapse in confidence in markets generally since no growth is perceived.
This is fundamental because Energy drives the economy.
In the end, the Financial Markets collapsed and nobody was willing to lend britain any money despite Britains debt only being 45% of GDP. In the end, Britain had to go to the IMF because of market failure and excessive energy prices.
Not Convinced of Labours pre 1980's competence? Labour saved the British Economy post world war 2. Attlee's 5 year plan that changed Britain
