we got slammed particularly in the 2008 financial crash (that wasn't caused by labour lol you know this) because of our large finance sector
bailouts and spending are what helped pull us out of recession
not only that the spending wasn't even that much, spending was much higher during thatcher years
some more graphs
IMF paper on how the multiplier (government spending effect on economic growth) was massively underestimated https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Growth-Forecast-Errors-and-Fiscal-Multipliers-40200
IMF paper on how austerity can actually undercut government revenue so much as to cancel out debt relief:https://www.imf.org/external/pubs/ft/wp/2013/wp1367.pdf
stressing this part: Although this effect is not longlasting and debt eventually declines, it could be an issue if financial markets focus on the short-term behavior of the debt ratio, or if country authorities engage in repeated rounds of tightening in an effort to get the debt ratio to converge to the official target.
does the bit in bold sound familiar?
real wages over the past decade:
we are in a worse place now than we were in 2006 :///
another epic graph
but yeah whatever labour caused the global recession by spending too much yeah