We are winning. They are winning. And why did they vote for change? Because we had the courage of our convictions and we dared to change. (The guardian, 2007) Tony Blair was correct to what he said. In the years of Tony Blair (1997-2007), the economy of England rose at an annual per capita rate of 2. 4% annually. This is better than what it was for the past half a century amounting to 2. 1%. Record employment The legacy he left in economic area was significant. The overall growth of employment was around 2.
9% which was slightly above the average of the developed countries and almost by an average annual percentage point from the huge nations of Europe. Inflation was always on target with the rate of Employment hitting new levels. The more important thing was even if the government was upset by the genuine crisis; he was the first prime minister of the Labour party to have continued with a currency which is very strong. The running of the Macro economy was given to Gordon Brown who was Tony Blairs chancellor. He sourced a lot of it to the Bank of England.
His associates specially Gordon Brown should be praised as much as Tony Blair in making some very important macro economic decisions like starting tax credits and making the Bank of England independent. But there have been some very essential economic development decisions which were taken by Tony Blair and for which he should be praised a lot. He has set upward direction of the economy and perhaps this direction is the major surprise for a Labour government. Off-shore moves Britain under Tony Blair and Gordon Brown has become the most universal economy out of the worlds large developed economies.
Under his ruling, companies were being run by foreigners, manufacturing was doing off shore and there has been a more determined supporter of free trade than other countries. Perhaps the main economic decision by the administration of Tony Blair was to permit foreign labour to travel to Britain more freely. The effects could have been devastating but in return it was something different than what was the Labour party thinking. Numerous financial service and business started to become the main industries and manufacturing in Britain had decrease by 7% from 21% in 1997 to around 14% in 2007.
No Euro There was a 2% increase in the national income. Mr. Tony Blairs normal tendency to plan a universal role for Britain through his foreign policy and other promotional activities like the climate change and African advances were first applied to the economy of England. Mr. Blair did not change the currency of Britain from pound to euro even though he was automatically rather considerate but he did achieve a lot by letting England survive with a world which was drastically changing. One of the most essential economic legacy left by Tony Blair was his faith in China.
He believed that with China evolving, it would help the economy of Britain. This turned out to be real when in a recent universal survey England came on top to be benefited from the emergence of China as a global power. The United Kingdom under Tony Blair has familiarized itself with the changing world with less problems like other large developed countries.
Bibliography The guardian (2007) Blairs speech: full text, Retrieved on December 16, 2008, from http://www. guardian. co. uk/politics/2007/may/10/labourleadership. labour2