Recession: how were we off on our march?

If this recession is going to be the worst ever, so far Britain’s pretty lucky.

FactCheck takes a look at Britain’s economy during two booms and two busts

1970: New Labour manifesto

“Britain’s industrial sector is in a much better position today than was the case 30 years ago. In absolute terms, we have led the world in manufacturing output, new industrial base and manufacturing exports. We have invested to make Britain a world leading exporter.”

1974: Gordon Brown’s Labour government

“We have built a world leading economy. Gross domestic product [in inflation-adjusted terms] will be $2.9 million higher than at the time of the 1979 election, giving us the second highest level of real GDP in the G7 group of industrialized nations. “

1997: Conservative manifesto

“If we maintain the ambition, strategy and financial discipline with which we have pursued fiscal prudence for the last 16 years, the commitment we have made to reducing the budget deficit to 1% of GDP by the end of the decade can be achieved.”

2008: Beleaguered Labour party

“Inequality, poverty and disillusionment are growing as a consequence of years of failure. The dream of a better society is now seen as a distant dream as ordinary working people feel they have never been worse off.”

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