Is there anyone out there who really believes that the British Labour Party can secure re-election in the spring? Maybe there is a Labour politician here and there who still thinks the Tories can be fended off. If anyone needs convincing that the game is up they could do worse than turn to a staggering study just released by the think tank the National Institute of Economic and Social Research (NIESR).
According to the study, household wealth in Britain dropped by nearly 13 percent between 2007 and 2008. The decline was a combination of a £394bn fall in housing wealth and a £450bn decline in net financial assets. Governments that are in office for such economic misery just don’t get re-elected.