Last time the UK's economy went in the wrong direction was in the 1990's. I was lucky enough to be living in a more prosperous part of the world at the time but I was reliably informed that it was grim.
It was as bad as the 1970's but a bit more colourful and without Punk Rock to look forward to. Only Blair. And look what happened then. To coin a famous singer "its all a bit of history repeating"
In those days interest rates were in excess of 15%, great for savers but a little unlucky for those with debts. Homes were repossessed as if it was going out of fashion.
We no longer remember what an interest rate is as they have been so low for so long everyone has forgotten about them. Apart from savers who have taken up on line gambling as a better source of income.
Now the Bank of England is talking about introducing negative interest rates. The concept of which the proles will never understand and will encourage those that do have money to invest off shore where the rates are a little more preferable.
Its a funny game, we have made over 300billion pounds of new money and that has made no difference.
Time for Plan B.
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