Poll shows voters blame banks for British economy


by Newswire    
8:30 am - December 20th 2012

      Share on Tumblr

Who is to blame the for austerity and cuts to public services and social security?

Most polling companies only offer voters the choice between this Tory government and the last Labour government.

But could that be misleading? A new poll released today by Survation shows it is.

When allocating “blame” for the financial problems in the UK a significant majority of British voters put the most blame at the door of “the banking industry”.

71% of people do not primarily blame the Labour government of the time for the 2008 financial crash.

This should give Labour more confidence when confronted with the common accusation that this government has to deal with the “mess that Labour created”.

Neil Foster, director of Progressive Polling, who commissioned the poll, said of the findings:

Today’s poll shows that a clear majority of the voting public don’t buy the idea that the last Labour government was most to blame for the 2008 financial crash. Labour can be more confident in defending its past record while at the same time and be bold with its plans to reform the banking system and outline important safeguards for the future.

Survation interviewed a representative sample of 1003 adults in Great Britain by online self-completion December 14th 2012.  Results were weighted to fit the demographic profile of all adults.

The full tables can be downloaded from here.

    Share on Tumblr   submit to reddit  


About the author

· Other posts by


Story Filed Under: News


Sorry, the comment form is closed at this time.


Reader comments


Poll also shows 71% of people have taken Gordon Brown’s BS hook, line and sinker…..

Ooh, Tyler ‘s back. Still lying.

There was a global financial crisis which was (broadly) the fault of monetary policymakers and the banks.
So the balance of blame, as shown in the survey, on that score does not seem unreasonable.

However, Brown and co. bet the farm on the boom lasting forever (“no more boom and bust”).
So Labour should take most of the blame for the “cuts”.

Two things Tyler.

1. Most of the western world was badly hit in 2008 which suggests the cause was bigger than any single country.

2. If it has been caused by Labour’s reckless spending then it is worth noting that the exact same thing would have happened if the Tories were in power. After all they were pledged to match Labour’s spending until the recession hit.

Well the voters are of course right. When the UK Banks went bankrupt and their Ponzi Scheme burst they owed their billionaire creditors and City speculators £6.7 trillion that we know of. US banks owed $35 trillion. This is of course far more than there is wealth in the world. These are counterfeit claims on social wealth but the last government and now this one are paying out these claims having foolishly guaranteed them. The public finances are being destroyed and centuries of accumulated national wealth is being liquidated to keep this bail out going and now the monetarist heirs of Thatcher have appointed a printer as the next governor of the BofE who will take QE to a new level thereby completely debasing the currency on top of the other two sins. The US is printing $85 billion a month to give to the banks at virtually zero per cent to give to pay out their creditors and create another bubble on the stock exchanges just in time for xmas bonuses.

Who’d have guessed thirty years ago when Thatcher and Reagan handed responsibility for money supply to the private sector on the grounds that `enlightened self-interest’ would prevent them from allowing supply to outstrip demand that they would rob us all blind in the most criminal manner. Oh that’s right, anybody who had a brain in their head. The thirty year credit bubble may have kept a sclerotic, decadent and monopolised capitalist system going for another few decades but at the end of it all we have is a sclerotic, decadent, monopolised and bankrupt capitalist system along with a denuded environment and a host of stored up social problems. Marx said that no economic system disappears from history until it has completely exhuasted its potential. Folks we have reached that point. Capitalism is no longer capable of reproducing itself as a social system. Even zero growth exposes it as a zero sum game let alone recession and depression. All that class society offers now is the reversal of the film of globalisation which will in fact be a very unedifying spectacle leading to a new Dark Ages. The choice is clear as it was so prophetically predicted 150 years ago: socialism or barbarism.

The bankrupt banks should have been let go. Their estates, staff and deposits taken into administration and used to form a new people’s bank facilitating social investment and lending to small business at base rate with a monopoly of credit to prevent the private sector setting up a new Ponzi Scheme or indeed organising the Mexican drug cartels, sanction busting and interest rate fixing.

6. Man on Clapham Omnibus

3. cjcj

Couldnt agree more. Gordon Brown was so obviously responsible for the financial meltdown in not only the UK but also:-
Greece,France,Italy,Iceland,Ireland,Spain,the US……………………..zzzzzzzzzzzzzzzzzzzzzzzzzzzzz

signed

Jamie Diamon

7. Man on Clapham Omnibus

5 Peter Emms

‘The bankrupt banks should have been let go. Their estates, staff and deposits taken into administration and used to form a new people’s bank facilitating social investment and lending to small business at base rate with a monopoly of credit to prevent the private sector setting up a new Ponzi Scheme or indeed organising the Mexican drug cartels, sanction busting and interest rate fixing’

Nice try but who will clean up the $67trillion in liabilities currently in the shadow banking system?

@6 – thanks for, erm, not reading what I wrote.

Brown was not responsbile for the meltdown.
He was responsible for assuming the boom would continue forever.

Do you understand the difference?

9. Man on Clapham Omnibus

8. cjcj

Except your post is entirely meaningless.

To separate out what Brown may or may not thought of the future is entirely irrelevant because he clearly wasn’t in charge of the financial state of the world. I think the idea of no more boom and bust was a domestic ideal .

I’d love to see your rationale for making Brown mostly responsible for the cuts. Maybe 5% world financial meltdown and Brown 95% would you say?

10. Chaise Guevara

@ 1 Tyler

“Poll also shows 71% of people have taken Gordon Brown’s BS hook, line and sinker…”

That makes sense, because Brown was such a popular PM, and the darling of the media.

“To separate out what Brown may or may not thought of the future is entirely irrelevant because he clearly wasn’t in charge of the financial state of the world. I think the idea of no more boom and bust was a domestic ideal .”

I’m sorry if my post was meaningless, though I am struggling to understand what this means, or rather how this is a justification for anything.

A “domestic ideal”? Well, we did have our own domestic credit and house price boom, didn’t we?
And while Brown was clearly not in charge of the world (though he believes he saved it!) did he think the UK was somehow so immune from potential global shocks that he needn’t make any allowance for such a thing?

It was always the Tory plan to spend five years in power saying
its all Labours fault.

Christ, another thread that isn’t about an actual issue but about a poll concerning what prople think about the issue

That’s three out of the top five ‘news’ stories.

14. Reverend Timms

`Nice try but who will clean up the $67trillion in liabilities currently in the shadow banking system?’

Let the people who speculated on the bankers’ bonds pay the price of their foolishness. Lehaman Brothers bonds now fetch $0.05 cents on the dollar on the free market and they are not even worth that but the creditors of the banks that were bailed out are still getting £1 for £1 plus the extorionate interest promised on their Ponzi Bonds courtesy of nation, state and printing press. Most of these bonds are owned by billionaires and speculators so screw them.

Seems to be a rubbish poll to me.

Who do you blame most for causing the UK financial crash in 2008?

We are asked to believe that everyone answering the poll question only came up with three answers. It is much more likely that they were only given three options. So the poll is biased because the result is predetermined to one of three outcomes.

All the answers of course are incorrect unless we count the publicly-owned BoE as part of the banking system. They caused the 2008 UK financial crash by not doing their job properly and letting monetary policy hugely veer of course in 2007/8. The BoE is not usually what people mean when they say “the bankers caused the crash”.

Either the UK public are more perceptive than they are given credit for and meant the BoE in their answers. Or they do not have a clue what they are talking about and are just going on the latest drivel they have read in their newspapers. I know misleading headlines are a bit of a tradition on LC, but might I suggest the headline is changed to ” UK public blame Mervyn King for 2008 crash “.

2 “Ooh, Tyler ‘s back. Still lying”

Spot on. In the FT, Bob Diamond, head of Barclays Bank, is reported as saying in a BBC Today interview on 4 November 2011 that the Banks must accept responsibility for what went wrong. In the interview – which I listened to – he repeatedly said that banks must work towards a situation where banks could fail without taxpayer support and without causing systemic instability (pay wall):
http://www.ft.com/cms/s/0/292c4e48-0658-11e1-8a16-00144feabdc0.html#axzz1cmIopk8y

Some responsibility is due also to regulatory failings by the Financial Services Authority – see the Turner Review of the FSA (2009). Labour policy makers ignored warning signs of trouble ahead:

“CHARLES GOODHART, a former member of the Bank of England’s monetary policy committee, warned yesterday that the Bank is failing to take sufficient account of the house price boom in setting interest rates.” [Telegraph 2002]

But in 2007, general government expenditure in the UK, as a percentage of national GDP, was only marginally higher than in Germany and lower than in Denmark, Sweden, the Netherlands and France. The subsequent budget deficit as the result of the crisis in the financial services sector and the ensuing recession, after the economy peaked in spring 2008, was due to the collapse in government tax revenues.

17. douglasclark

It seems to me that for you and I to give a warranty against failure to people who were playing a casino is a tad beyond what I want a government to do on my behalf. They might as well guarantee every losing line at the bookies.

17 Dougla Clark: “It seems to me that for you and I to give a warranty against failure to people who were playing a casino is a tad beyond what I want a government to do on my behalf. They might as well guarantee every losing line at the bookies.”

The “moral hazard” generated by bailing out failing banks is well-recognised in an extensive professional literature. It was precisely that concern which led to Sir Mervyn King’s (BoE Governor) initial reluctance to bailout Northern Rock in the autumn of 2007.

The problem is that banks are not like bookmakers. A failing bank precipitates a run on the bank as its customers rush to get their money out before it closes its doors. That is highly likely to lead to contagious concerns about other banks – rightly or wrongly – resulting in a domino effect with, potentially, the possible systemic failure of the banking system.

That was the situation inherited by the Roosevelt administration on taking office in America in 1933. The administration came up with the Federal Deposit Insurance scheme (FDI) to protect bank deposits and thereby halt the systemic collapse of banking in America. The scheme worked but it does introduce a moral hazard with the consequence that bankers become inclined to engage in higher risk lending and investments in the pursuit of profits (and bonuses) knowing that depositors will be protected by insurance and taxpayer-funded bailouts of banks by governments.

The Saving and Loan Association failures in America in the 1980s and 1990s was a consequence of the FDI:

“The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of about 747 out of the 3,234 savings and loan associations in the United States. [It was] estimated that the total cost for resolving the 747 failed institutions was $87.9 billion. The remainder of the bailout was paid for by charges on saving and loan accounts—which contributed to the large budget deficits of the early 1990s.”
http://en.wikipedia.org/wiki/Savings_and_loan_crisis

Lessons should have been learned from that previous experience before the much greater financial crisis of 2008/09 but weren’t.

I first came across an analysis of this moral hazard relating to the S&L Association Crisis in Donald Campbell: Incentives (Cambridge UP, 1st ed. 1995). But that seems to have escaped the attention of many regulators and policy makers.


Reactions: Twitter, blogs
  1. Liberal Conspiracy

    Poll shows voters blame banks for state of British economy http://t.co/4TXndpFU

  2. JamieJones77

    Poll shows voters blame banks for state of British economy http://t.co/4TXndpFU

  3. Sunny Hundal

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  4. Paul Evans

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  5. Lee Winstanley

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  6. Anne Joynes

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/84E0nSWT via @libcon<At last people wake up.

  7. Dan Silver - SARF

    RT @sunny_hundal Most Britons blame banks for state of the economy, not Labour: http://t.co/WyQ1LMGG > This is a majorly significant shift

  8. Hurstingstone

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  9. Average Joe

    “@sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/XDJuCw69” The cuts are biting hard.

  10. Average Joe

    “@sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/XDJuCw69” The cuts are biting hard.

  11. Geoff Wake

    “@sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/y7BHrPOR”

  12. Matt Pringle

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  13. Roger Thornhill

    RT @sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/fJXHILwJ // and they're wrong

  14. bradato kopele

    RT @sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/fJXHILwJ // and they're wrong

  15. Chris Paul

    “@sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/XDJuCw69” The cuts are biting hard.

  16. Chris Paul

    “@sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/XDJuCw69” The cuts are biting hard.

  17. David Bailey

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  18. David Bailey

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  19. Andy Henley

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  20. Andy Henley

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  21. Lee Cooper

    Poll shows voters blame banks for state of British economy http://t.co/4TXndpFU

  22. Lee Cooper

    Poll shows voters blame banks for state of British economy http://t.co/4TXndpFU

  23. Sopwith Camel

    A Sign of Sanity in the UK at last? http://t.co/0j7nFbE7

  24. Jason Brickley

    Poll shows voters blame banks for state of British economy http://t.co/J89Koqq0

  25. Eddy Canfor-Dumas

    Finally – an opinion poll that asks the right question. 'Poll shows voters blame banks for state of British economy' | http://t.co/c7OPZRKy

  26. Stephen Wilson

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  27. Neil Schofield

    “@sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/qcBdYAQ3” << and they're right

  28. Eddy Canfor-Dumas

    Poll shows voters blame banks for state of British economy http://t.co/4TXndpFU

  29. Mandi Riseman

    A Sign of Sanity in the UK at last? http://t.co/0j7nFbE7

  30. Neil Foster

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  31. CounterRevolutionary

    RT @sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/fJXHILwJ // and they're wrong

  32. Caroline Penn

    “@sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/qcBdYAQ3” << and they're right

  33. commonlyknownasWISH

    Poll shows voters blame banks for state of British economy http://t.co/4TXndpFU

  34. Lynn Buckley

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  35. Richard McCarthy

    Clear majority of voting public don’t buy the idea that last Labour government was most to blame for the 2008 crash. http://t.co/CVpps4cH

  36. Dan Sanderson

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  37. Richard Lawson

    “@sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/qcBdYAQ3” << and they're right

  38. lynne richardson

    “@sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/qcBdYAQ3” << and they're right

  39. Tony Kennick

    Poll shows voters blame banks for state of British economy http://t.co/JuGVLJKk

  40. Progressive Polling

    Poll shows voters blame banks for state of British economy http://t.co/4TXndpFU

  41. Penny Schenk

    Poll shows voters blame banks for state of British economy http://t.co/4WDLWscV I WONDER WHY

  42. Keiran Macintosh

    Poll shows voters blame banks for state of British economy http://t.co/4TXndpFU

  43. Lance Dyer

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/k0BL8nXG via @libcon

  44. Guy Neal Woolnough

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  45. Jerry Hall

    RT @sunny_hundal: New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/z8dlUHjR>and they're right

  46. Alex Braithwaite

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/A68qq6qU via @libcon

  47. NORBET

    RT @libcon: Poll shows voters blame banks for state of British economy http://t.co/nSCgohC6

  48. Sharon Avraham

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/dgjG64Dw via @libcon

  49. Marilyn Jenkins

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/dgjG64Dw via @libcon

  50. Contrast News

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/oFblDtnf via @libcon

  51. Peter Pink

    Poll shows voters blame banks for state of British economy http://t.co/4TXndpFU

  52. Malcolm Evison

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/BQ4T2wQ6 via @libcon

  53. Padbrit

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/dgjG64Dw via @libcon

  54. Alex Blue Eyes

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/ZBPchofn via @libcon

  55. Lanark

    A los godos les va a tocar aprenderse un discursito nuevo http://t.co/fZh1LsHB

  56. Valerie Bee

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/iewoWOxW via @libcon

  57. Sunny Hundal

    @trippypip turns out voters aren't so easily fooled http://t.co/gk3yZK6B

  58. Krusty_Pleb_Allslopp

    .71% of voters blame the banks for the economic crisis. Stick that in your pipe & smoke it #Tories @BBCr4Today http://t.co/b5vhGNib

  59. Andreas Baader

    .71% of voters blame the banks for the economic crisis. Stick that in your pipe & smoke it #Tories @BBCr4Today http://t.co/b5vhGNib

  60. Matthew Tomlinson

    RT @libcon: Poll shows voters blame banks for state of British economy http://t.co/y7A4AAPA Well, I never!!!

  61. Contrast News

    .71% of voters blame the banks for the economic crisis. Stick that in your pipe & smoke it #Tories @BBCr4Today http://t.co/b5vhGNib

  62. Marilyn Jenkins

    .71% of voters blame the banks for the economic crisis. Stick that in your pipe & smoke it #Tories @BBCr4Today http://t.co/b5vhGNib

  63. Twittus Maximus

    .71% of voters blame the banks for the economic crisis. Stick that in your pipe & smoke it #Tories @BBCr4Today http://t.co/b5vhGNib

  64. Mike Kaye

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/dgjG64Dw via @libcon

  65. A Working Class Pleb

    .71% of voters blame the banks for the economic crisis. Stick that in your pipe & smoke it #Tories @BBCr4Today http://t.co/b5vhGNib

  66. Wendy MacKenzie

    I say this in fear and trepidation but – could this be a sing of sanity at last? It looks suspiciously like one…. http://t.co/FEzYLkMT

  67. kevin leonard

    Ask the right question and the public answer with honesty deny the coalition of bastards claims it was all labour fault http://t.co/e0bjENaP

  68. Ben Mitchell

    Hurrah! 71% don't blame Labour for state of the economy. 62% (rightly) blame the sodding banks, via @libcon http://t.co/LY57Uocv

  69. Amanda Brett

    Hurrah! 71% don't blame Labour for state of the economy. 62% (rightly) blame the sodding banks, via @libcon http://t.co/LY57Uocv

  70. DaveTiley

    Hurrah! 71% don't blame Labour for state of the economy. 62% (rightly) blame the sodding banks, via @libcon http://t.co/LY57Uocv

  71. pamela baumgartner

    Ask the right question and the public answer with honesty deny the coalition of bastards claims it was all labour fault http://t.co/e0bjENaP

  72. Jim Bryant

    Hurrah! 71% don't blame Labour for state of the economy. 62% (rightly) blame the sodding banks, via @libcon http://t.co/LY57Uocv

  73. Gareth George

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  74. Derek Stephen

    Hurrah! 71% don't blame Labour for state of the economy. 62% (rightly) blame the sodding banks, via @libcon http://t.co/LY57Uocv

  75. Liam Brogan

    Poll shows voters blame banks for state of British economy | Liberal Conspiracy http://t.co/iLOd5WzY via @libcon

  76. Clive Peters

    .71% of voters blame the banks for the economic crisis. Stick that in your pipe & smoke it #Tories @BBCr4Today http://t.co/b5vhGNib

  77. Pat Carlen

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  78. ArtElem

    .71% of voters blame the banks for the economic crisis. Stick that in your pipe & smoke it #Tories @BBCr4Today http://t.co/b5vhGNib

  79. Dave G

    New poll: most Britons blame banks for the state of the economy, not Labour http://t.co/Q8Z4hD32

  80. British labour movement museum | Dear Kitty. Some blog

    [...] Poll shows voters blame banks for British economy (liberalconspiracy.org) [...]

  81. Smiling_Carcass

    Poll shows voters blame banks for British economy | Liberal Conspiracy http://t.co/SIaVL3U0 via @libcon

  82. Chris G

    Poll shows voters blame banks for state of British economy http://t.co/rHJRWzj7

  83. Natacha Kennedy

    Voters blame #Banks for economic crisis & #Deficit http://t.co/Mi6kaCpE

  84. sascha humphrey

    Poll shows voters blame banks for British economy | Liberal Conspiracy http://t.co/s9owVES6 via @libcon

  85. Michael Bone

    Poll shows voters blame banks for British economy | Liberal Conspiracy http://t.co/J81VmxkE via @libcon

  86. suerose

    Poll shows voters blame banks for British economy | Liberal Conspiracy http://t.co/J81VmxkE via @libcon

  87. John COYB Syme

    Poll shows voters blame banks for British economy | Liberal Conspiracy http://t.co/J81VmxkE via @libcon

  88. Innerwisdom

    Poll shows voters blame banks for British economy | Liberal Conspiracy http://t.co/J81VmxkE via @libcon

  89. Deborah Parks

    Poll shows voters blame banks for British economy | Liberal Conspiracy http://t.co/LEzIfad8 via @libcon





Sorry, the comment form is closed at this time.