According to the Latest stats the UK inflation rate will Hit 4 or even 5% By the end of the Yeare and vioce within the Governent Rank say the Conservative Party Or others will have no solution(as they "Messed" up the economy before)
OK let's go back to the 1970s to when Labour was in Power .PM Was Jim Callaghan
http://en.wikipedia.org/wiki/James_CallaghanWell when He left office the Inflation Rate was 24 to 26 %!!!! And Thatcher came in and slashed it to 5% Yet She got the Blame as the history Books will show her policys Were Hard Hitting
I agree but If they'd have gone unchecked We would have been almost down to 3rd world standards by Now (see Zimbabwe!)
Now it seems Hyperspending on Silly Project(See the London Olympics costings for instance) and Wage demands has started the climb once again
UK oil tanker drivers asking for 14% Increase
PS Who was chancellor under Callaghan? Denis Healy
http://en.wikipedia.org/wiki/Denis_Healeyquote:
Healey became Chancellor of the Exchequer in March 1974 after the Labour Party's narrow election victory. As Chancellor, Healey's tenure is sometimes divided into two parts which are sometimes called Healey Mark I and Healey Mark II. (See "The Jekyll and Hyde Years: Politics and Economic Policy since 1964" by Michael Stewart.) The divide between the two is marked by Healey's decision, taken in conjunction with then-Prime Minister James Callaghan to seek an International Monetary Fund (IMF) loan and submit the British economy to the associated IMF supervision. Within some parts of the Labour Party the transition from Healey Mark I (which had seen a proposal for a wealth tax) to Healey Mark II (associated with a government specified wage control) was regarded as a betrayal. Healey's left-wing ideology of increasing benefits for the poor famously led to him saying that he would "Tax the rich until they squealed" in which to help the poor, those earning over £100,000 per year would be taxed more heavily than beforehand.
No change in 2008!
AnswerPool.com 
