The Myth of UK Economic Strength

With a week to go before the budget it is worth reflecting on where we are economically. Exactly ten years ago the FTSE 100 stood at 5,782. Last night the stock market closed at 5,767. Investors have seen the stock market and the value of their pensions decline during the ten years of New Labour’s economic management under Gordon Brown. A lower stock market after ten years of Labour government is an incredible indictment.

By comparison the Dow was at 8,569 on March 6, 1998 and last night it closed at 12,213. Up 42% over the same period.

Remember that next time Gordon or Alastair claim that “Britain is stronger placed to weather the coming global financial turbulence”. Complete fantasy.

UPDATE 09.05 :

Given some are suggesting it is currency related, broadening the comparison:

The Great British Economic Miracle: The Land of George Bush’s Tax Cuts: Workshy Cheese Eating Surrender Monkeys: Merkel’s
Tax Cutting Social Market Economy:
Chinese “Communists” with 16% Income Tax:
FTSE 100 on 6 March 1998:
5782
Dow Jones on 6 March 1998:
8569
CAC 40 on 6 March 1998:
3875
DAX on 6 March 1998:
5097
Hang Seng on 6 March 1998:
11519
FTSE 100 on 5 March 2008:
5767
Dow Jones on 5 March 2008:
12213
CAC 40 on 5 March 2008:
4676
DAX on 5 March 2008:
6545
Hang Seng on 5 March 2008:
23120
Growth: -0.26% Growth: +42.53% Growth: +20.67% Growth: 28.41% Growth: 100.71%

Hat-tip : Free Britannia and table courtesy of Spokey in the comments


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