A new poll asking what people think caused the recession in 2008 has shown most now believe it was banks which caused the crisis. The result is a blow to the Tories who have been trying to hammer in the (false) idea that Labour caused the recession through investing too much in public services.
The poll (shown here) shows that over half of Lib Dems (55%), half of other party voters and over 40% of those who didn’t vote accept it was speculative actions in the City and lack of banking regulation which led to the crisis. Before the recession, the deficit stood at around 2% – an incredibly low figure. The £1.4trn bailout made this grow significantly, but prevented full-scale economic collapse.
Another recent poll has shown a marginal shift to the left among Brits, with a significant jump to the left from women. Those defining themselves as left of centre now outweight those defining themselves as right of centre. Still, there’s a long way to go. As the government launches full-scale class war, perhaps we’ll see a more marked shift.
These two findings mean Osbourne is stepping into dangerous waters when refusing to condemn the egregious bank bonuses being dished out over the next few months. Moreover, with profits of £1bn a day, the levy on the banks of a mere £.1.15bn in 2011 is an insult to people losing their jobs and being made to pay for a financial crisis they didn’t cause.
Suggestion: bring on the next phase of UK Uncut action against the banks. We own 84% of RBS. ‘Their’ profits belong to the British taxpayer. Let’s get it back.