Did Ed Balls do well enough?
Yes: he apologised, enough
Yes, he stayed Keynesian thinking
Yes, he talked of hope for ordinary people.
The 5 point plan was good, politically (although not ambitious enough - but good politically for now). It was:
a) Reinstate the bank bonus tax and build 25,000 homes to create 100,000 jobs
b) Build infrastructure now
c) Cut VAT on housing repairs to 5% to boost activity
4) Cancel VAt increase to boost economy
5) Give NIC boost to all small employers creating any new jobs
They're headlines, but they indicate a correct direction of travel and that's good.
And he made clear that he does blame Tories for their very big mistakes - not least for following the herd and Balls makes clear he'll make his own decisions.
And he made clear he'll hold banks to account and business too - the mantra private is good is not accepted.
Is that good enough? This is politics of course - he can't deliver any of this - but it was good politics bar his comments on strikes on pensions.
What was missing? The tax gap. An explanation as to how the national investment bank he was calling for would be funded. But that's to follow. This was good politics at present.
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“‘The Shadow Cabinet has been banned by Ed Balls from promising to reverse any of the Coalition Government’s spending cuts as part of Labour’s attempt to regain credibility on the economy.
In an interview with The Independent, the shadow Chancellor said: “No matter how much we dislike particular Tory spending cuts or tax rises, we can’t make promises now to reverse them. I’m clear that I won’t do that and neither will any of my Shadow Cabinet colleagues.” Mr Balls has ordered Labour frontbenchers to clear any spending commitments, however small, with him and Ed Miliband.”
Sorry, Richard, but the above certainly doesn’t sound like a Labour party that ‘s learned its lesson and is turning away from neoliberal ideology. Quite the reverse in fact.
The bank tax is a good idea, if it ever sees the light of day (I suspect not). The other main plank of his ideas seems to be a VAT cut. Big deal!
Where’s the promises to reform banking? Where’s the commitment to regulate capital? Where’s the promise to provide homes for everyone?
Go on, Mr Balls……..try something you could regard as even remotely radical that will appeal to your working class base and annoy the right!
I dare you!
Poor, very poor!
Politically this is wise now
I have mt doubts – don’t get me wrong
But candidly I expected much worse than we got
He’s kept me hanging in for now