woptb,
The recession was caused by Labour? Are you ten years old? The huge global financial collapse, cos that's what it was, was caused by US sub prime lenders building up gigantic debt through selling mortgages to people with no or very little income and packaging up that debt into fantastically complicated financial instruments that were taken up voraciously by financial institutions around the world but manly in the US and UK. That bubble burst when the lenders defaulted on their mortgage debts and the whole thing unravelled at such a speed that if the major economies of the world had not stepped in with trillions of dollars/euros/pounds for the banks we would have seen financial meltdown and the end of capitalism.
Caused by Labour my *rse!