Brown's promises from 1997

I read this interesting article in the Daily Telegraph today, by Ruth Lea. It goes through Brown's promises in 1997 and to some extent where we are now.

Here are some choice quotes:

More specifically, one of the key policy objectives of the Treasury is "increasing the productivity of the economy".

This has not happened. Productivity has disappointed, with an annual average growth of less than 2pc since 1997.

Growth from 1992 to 1997 was around 2.25pc, which was criticised at the time.

And then there is this:

Turning to the "tax 'n' spend" aspects of the Chancellor's record, the manifesto makes for interesting reading. May I quote some key passages? "The myth that the solution to every problem is increased spending has been comprehensively dispelled under the Conservatives."

"The level of public spending is no longer the best measure of the effectiveness of government action in the public interest. It is what money is actually spent on that counts more than how much money is spent."

"New Labour will be wise spenders, not big spenders."

Ah such promise dashed. In fact if you look at spending growth and productivity growth over time in the NHS spending seems to have little to do with productivity growth. It was much better between 1990 and 1999 then it has been since. That is an awful lot of money for little return spent since 1999.