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Welcome to Ben Bradshaws Website
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Budget — 24 March 2004 |
One of the most startling facts to emerge during the recent budget was that Britain is experiencing its longest period of economic growth for more than 200 years.
That is since the Napoleonic wars and the industrial revolution.
This is reflected in opinion polls when people and businesses are asked about their particular circumstances and prospects. But it is not mirrored in most of our public debate about the economy.
The danger here is that the hard won stability built up over recent years is taken for granted.
It is worth remembering that not so long ago Britain was considered the �sick man� of Europe. We had more than three million out of work. Mortgage rates were at 15%, rendering many families homeless. Our economy performed worse than all our major competitors. The standard of living in Britain was overtaken first by Germany, then France, then Italy. Major recessions in the 1980s and early nineties ravaged family incomes and destroyed businesses.
Compare that with the picture today. Britain�s economy is not only performing better than it has for two centuries but better than our European competitors and the United States.
France and Germany, with high unemployment and sluggish growth, are having to cut public spending. Their Governments are deeply unpopular as a result.
We must not be complacent. Some people suggest we should follow Germany and France and slash investment. But that would be disastrous for our infrastructure, which needs modernisation. It would also tip us back into the bad old days of boom and bust.
Others say we should let spending rip without bothering to reform public services. But that too would destroy our precious stability.
Precious, because it allows individuals, businesses and the state to plan for the long term and make decisions that are in the best interests of them and their families, their companies and the country and that, step by step, are changing Britain for the better.
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