What’s the point of today’s Labour Party?

August 21, 2013

Way back in 1992, at the TUC conference, John Prescott stunned the socialist movement, by making a forceful speech in favour of John Smith’s proposed trade union reform. He attacked the unions for even questioning the motives of the Labour leader. He shamed them into submission. He showed that his loyalty is to the party over the unions and as a result, was rewarded with the deputy leadership when Tony Blair later rose to power.

He is the closest thing there is to Labour Party royalty, and he just accused the party leader of being ineffective. This is not unreasonable. Everywhere I look I see the government’s economic policy being attacked. The Economist magazine calls the Right to Buy policy “A daft new government-subsidy scheme”, but what did we hear from Labour? Nothing. Not a dickie bird.
Read the rest of this entry »


The Tory Wealth Trap

August 14, 2013

The Tory wealth trap is making the rich richer, while the rest of the population either stands still or gets poorer. There is no drip down effect caused by the squeezing the real economy with ill-timed austerity, while flooding the financial markets with cheap money, QE. All this achieves is to boost asset wealth while eroding wages, through pay freezes and inflation.
Read the rest of this entry »


C’mon Ed, fight!

August 5, 2013

In case the reader needs reassurance that Osborne is a failed Chancellor, you only have to look at what the financial services people are saying. A couple of weeks ago, Citywire ran with this headline, “Hooray for the (debt-fuelled) UK recovery!”

How about this funny analysis from the stockbroker Hargreaves Lansdowne: “Former US president Abraham Lincoln has been credited with saying the problem with politics is you can never please all of the people all of the time. In a more contemporary setting and with the UK yet to regain ground lost during the 2008-09 recession chancellor of the exchequer George Osborne has struggled to please anyone at any time since stepping into 11 Downing Street three years ago.”

However, the one thing that the Tories do massively better than Labour is this: When they are down, they come out fighting. Even when the world took note that Keynes had won and austerity lost, they carried on fighting. The question is, what does Labour do? Has Ed Miliband and Ed balls given up? Do we only have an opposition on a Wednesday lunchtime?
Read the rest of this entry »