I have just been doing some research for an article that responds to some economic claims. What it showed was that consistently from 2010-2019 the economy grew by over 2% per year and then after a substantial fall during the 2020 lockdown, bounced back and saw high growth until the middle of 2024.
Over the same period of time, inflation was low until we began to experience the impact of Covid and the Ukraine war on prices. Unemployment was consistently low too. Finally, again, once you take out the impact of Covid, the government deficit was reducing from the 2010 high of 10% of GDP and was falling again after the 2020 COVID spike caused by furlough.
Whatever we make of Conservative rule throughout that period (and there is much to criticise about their record), it certainly is not the case that they crashed the economy. Even Liz Truss didn’t really get the opportunity to do this. By trash talking her own party’s record all she managed to do was crash, possibly fatally, that party’s political fortunes.
This is important because it means that whatever decisions the Chancellor makes in her budget today, whether to impose higher tax rates or cut spending in any areas, those decisions will be her own choice and arise because of the specific policies she and the government are pursuing.
There is a legitimate case to be made for increasing taxes and increasing spending. However that case needs to be made by the government. It is important, in the name of truth and integrity that the government makes that case and doesn’t simply hide behind claims about it’s predecessor.
Faithroots 