I don’t understand all the negativity about GB’s track record:
• Bank of England independence On taking office as Chancellor of the Exchequer, Brown gave the Bank of England operational independence in monetary policy, and thus responsibility for setting interest rates.
• Tax In the 1997 election and subsequently, Brown pledged to not increase the basic or higher rates of income tax. Over his Chancellorship, he reduced the starting rate from 20% to 10% in 1999 before abolishing the starting rate in 2007, and reduced the basic rate from 23% to 20%. However, in all but his final budget, Brown increased the tax thresholds in line with inflation, rather than earnings, resulting in fiscal drag. Corporation tax fell under Brown, from a main rate of 33% to 28%, and from 24% to 19% for small businesses.
• Spending Once the two-year period of following the Conservatives' spending plans was over, Brown's 2000 Spending Review outlined a major expansion of government spending, particularly on health and education. In his April 2002 budget, Brown raised national insurance to pay for health spending. Brown changed tax policy in other ways, such as the working tax credits.
• Growth An OECD report shows UK economic growth averaged 2.7% between 1997 and 2006, higher than the Eurozone's 2.1%, though lower than in any other English-speaking country. UK unemployment is 5.5%, down from 7% in 1997 and lower than the Eurozone's average of 8.1%.
• Euro In October 1997, Brown took control of the United Kingdom's membership of the European single currency issue by announcing the Treasury would set five economic tests to ascertain whether the economic case had been made. In June 2003 the Treasury indicated the tests had not been passed.