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Wasn’t that all set in motion by Thatcher? Especially the deteriorating economic situation for the entirety of the UK outside of London?

by lmpdev 2y ago

schnitzelstoat 2y ago
In 2007 it was decent. I feel like we got hit hard by the 2008 crisis and never really recovered. Not just the UK either but most of Europe too. Back then the USA felt a little bit wealthier, now it feels light-years ahead.
- dukeyukey 2y ago
  Worth remembering it's quite natural for the US to be wealthier. It has the resources of a continent, functionally infinite land, massive energy resources, the thousands of miles and an ocean away from any threats. Like, of course a country like that is gonna be rich.
  - ben_w 2y ago
    If it's natural for those specific reasons… Why didn't Russia get rich after the fall of the USSR made them no longer (at the time) the natural enemies of everyone around them? And why is the EU (a union if not a nation) still chasing the US on GDP/capita?
doix 2y ago
Thatcher left office in the early 90's, right? I remember it was sometime around the 2008 financial crash that the pound just started tanking and never recovered. Every subsequent crisis, the pound falls more vs the dollar/euro and never really recovers. At least that's how it feels to me as someone that gets paid in pounds. Every year I feel like my money goes less and less far.
KaiserPro 2y ago
Thatcher set out some reforms and flogged off a lot of state run things. One of the big things she did was de-regulate some of the financial markets (a-la big bang) The shutting down of the mines was the thing that she was most vilified for. However she left office in 1990, there were 7 more years of conservative rule after her. However, much as its fun to piss on her grave (no judgement) the stuff she did was/is pretty tame and almost left wing compared to the present government.
- tharmas 2y ago
  Thatcher was able to pay for her tax cuts without hitting social programs by using the Oil revenues. That's gone now. Lizz Truss tried to do a Thatcher with tax cuts but there was no Oil revenues to pay for it. The govt debt was going to balloon, so the market reacted very unfavorably. That was the end of that. Incidental, people seem to forget that Lizz Truss was the number one pick by the Conservative Party membership for leader. That tells you all you need to know about the judgement of the Conservative Party membership.

Wasn’t that all set in motion by Thatcher? Especially the deteriorating economic situation for the entirety of the UK outside of London?

by lmpdev 2y ago

Wasn’t that all set in motion by Thatcher? Especially the deteriorating economic situation for the entirety of the UK outside of London?

schnitzelstoat 2y ago

In 2007 it was decent. I feel like we got hit hard by the 2008 crisis and never really recovered. Not just the UK either but most of Europe too. Back then the USA felt a little bit wealthier, now it feels light-years ahead.

dukeyukey 2y ago
Worth remembering it's quite natural for the US to be wealthier. It has the resources of a continent, functionally infinite land, massive energy resources, the thousands of miles and an ocean away from any threats. Like, of course a country like that is gonna be rich.
- ben_w 2y ago
  If it's natural for those specific reasons… Why didn't Russia get rich after the fall of the USSR made them no longer (at the time) the natural enemies of everyone around them? And why is the EU (a union if not a nation) still chasing the US on GDP/capita?

doix 2y ago

Thatcher left office in the early 90's, right? I remember it was sometime around the 2008 financial crash that the pound just started tanking and never recovered. Every subsequent crisis, the pound falls more vs the dollar/euro and never really recovers. At least that's how it feels to me as someone that gets paid in pounds. Every year I feel like my money goes less and less far.

KaiserPro 2y ago

Thatcher set out some reforms and flogged off a lot of state run things. One of the big things she did was de-regulate some of the financial markets (a-la big bang) The shutting down of the mines was the thing that she was most vilified for. However she left office in 1990, there were 7 more years of conservative rule after her. However, much as its fun to piss on her grave (no judgement) the stuff she did was/is pretty tame and almost left wing compared to the present government.

tharmas 2y ago
Thatcher was able to pay for her tax cuts without hitting social programs by using the Oil revenues. That's gone now. Lizz Truss tried to do a Thatcher with tax cuts but there was no Oil revenues to pay for it. The govt debt was going to balloon, so the market reacted very unfavorably. That was the end of that. Incidental, people seem to forget that Lizz Truss was the number one pick by the Conservative Party membership for leader. That tells you all you need to know about the judgement of the Conservative Party membership.