In the decade of my birth, we had a torrid economic time. The UK and the West in general were suffering from a huge increase in oil prices, inflation was strong and hard to keep under control. With a slow down in the markets it led to stagflation too - high interest rates, high unemployment, high inflation and low growth.
Today we are starting to see many of the same things impinging on the economy. The last and most crucial aspect of the 70's though was the impact in the UK of the Unions. They held the government to ransom and destroyed much of our manufacturing industry (despite the socialist re-write of history that would have you believe the opposite).
Fast forward to 2007 and the unions remain under control; but with Gordon Brown in hock to them to pay for any upcoming election, they are slowly rebuilding. Today in London a two 3 day strikes have been announced for a couple of weeks time.
What is the strike for?...concern over possible job losses due to Metronet going bust which was thanks to Red Ken's and Brown's machinations)
A real danger of Labour in power for the rest of the decade is the increase in power of the extremely left-wing Unions in the country. I am all in favour of Unions overall, a fine way to balance worker right's against owners, but the likes of radical Bob Crow know nothing about economics or business and are in it for the power game alone. This serves the interests of no one.