The 1990s were a turbulent time for Britain’s economy and Oasis’ anthems are a reminder of that time – and a warning about an uncertain future, says Tim Focas

Oasis are back. Thirty years after their Britpop heyday, the Gallagher brothers are selling out stadiums once again. But their return isn’t just about nostalgia. Their catalogue of anthems also offers an eerie parallel to Britain’s fiscal past, and frankly, its uncertain future.

The mid‑1990s were turbulent. Britain had crashed out of the Exchange Rate Mechanism (ERM) on “Black Wednesday” in 1992, a humiliation that left sterling adrift and the government’s credibility shot. Borrowing surged to nearly eight per cent of GDP. Gilts wobbled. Investors fretted. The treasury was, in Oasis terms, stuck halfway up a Wonderwall of worry.

Yet the hangover didn’t last forever. Norman Lamont, and later Ken Clarke, began the grinding work of fiscal repair with a prudent programme of tax rises, spending........

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