Since everyone seemed to be under the illusion that the economy could magically grow forever (and since New Labour proved to be just Tories painted red anyway) I doubt the last fifteen years of economic policy would have looked much different under any of the other parties. I don't think it had occurred to any chancellor before now that banks would be so daft as to make huge amounts of credit so easily available to so many people. The only way we're getting out of this now is if someone has the guts to tell everyone their houses are really only worth about half what they paid for them, simply due to the fact that for several years £300k mortgages were about as easy to obtain as a Tesco Clubcard. That's what caused it all.
"How much for that sandwich Martha Middle-Income?"
"Fifty quid Larry Low-Wage."
"That's a bit steep isn't it?"
"Well, if you think you can find a sandwich this nice anywhere else be my guest..."
"Well it is a very nice looking sandwich. Banker Bob, lend me fifty quid to buy this sandwich."
"If you give me 50p a day for the rest of your life."
"Deal."
...
"Whoops, I only earn 65p a day. I hope inflation arising from, say, a constant rise in the cost of sandwiches doesn't affect my ability to pay Bob back."
"Who wants to buy my sandwich for seventy-five quid?"
