Sittings of the House (Wednesday 17 April)

Part of Business of the House – in the House of Commons at 9:02 pm on 16th April 2013.

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Photo of Dennis Skinner Dennis Skinner Labour, Bolsover 9:02 pm, 16th April 2013

It was caused by that great economic tsunami that swept across the world—[Interruption.] And why did it sweep across the world? Because in 1989, in one of her last acts, Mrs Thatcher talked about the brave casino economy, the big bang in the City and deregulation. That was the moment it began. We never knew when it would turn into a recession, but we knew that somehow or other, that society of instant gratification would cause a recession at some time. That is how it all began.

It was just like that with the share-owning democracy. We could have discussed that tomorrow. Mrs Thatcher, that non-divisive character, sold off all the public utilities. She said, “We’ll sell off all the public utilities—gas, electricity and all the rest—and everybody will have shares. You can buy them off Sid and you’ll be able to be part of that great British share-owning democracy.” What happened to that? What happened to the share-owning democracy? EDF is now owned by French electricity; E.ON is owned by Germans; Scottish Power is owned by Spain’s Iberdrola; and npower is owned by the German company RWE. Anglian Water has gone to Canada, and Thames Water is owned by the Germans—

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Paul Rutherford
Posted on 17 Apr 2013 10:32 am (Report this annotation)

Gordon Brown declared there would be no more 'Boom & Bust' ever again. It therefore follows that there should not have been a recession expected. Why did you not share your thoughts with him at the time. Perhaps New Labour was too far right for you, and you wanted it to fail.