A laissez faire, right wing consensus - bought into by labour as well
as everyone else - brought the economy down Pete. Deregulate
deregulate deregulate. Get out of the way of business. Sell off
whatever you can. This was the doctrine the Anglo-American world lived
by from the 1980s onwards. Whether you were labour, conservative,
republican or democrat - it didn't really matter. Most politicians
sang from the same hymn sheet - either because they believed this
rubbish or because they were afraid of rocking the boat. Once
government ceded some power to private enterprise it got hungry for
more and more. In the late 90s / early 2000s labour completed the
latest round of banking deregulation - and the tory opposition were
well chuffed (as they should be - it gave the green light for them to
get even richer).
So, no, I don't accept the moronic notion that this is all labour's
fault and the tories are now fixing it. The tories started the ball
rolling in the direction of this fiasco.