beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,015
that is indeed a poor way to address economic issues.
Well it has set out very clearly that Labours policy is to remain part of the single market in the interests of our economy. The tories response to McDonnell's statement is as follows:
"...what is truly astonishing is that John McDonnell completely failed to mention immigration, or control of our borders, in his vision of post-Brexit Britain.
This is yet more evidence of how out of touch Labour are with the values of working people in our country.
Only the Conservative party can deliver the best possible deal as we leave the EU - and that must mean controls on the number of people that come to Britain."
Rather than debate what is best for our economy they would rather bring this back to the divisive argument over immigration.
Good speech by McDonnell
McDonnell strongly affirmed Labour’s commitment to fiscal discipline, saying there is “nothing ‘progressive’ about running up excessive deficit”. Pointing out that the government has missed its previous fiscal targets, he urged Philip Hammond, the chancellor, to adopt something similar to the “fiscal credibility rule” he committed Labour to in March.
"Those on the left have a duty to be scrupulously honest about the economic tasks in front of us.
There are no easy options.
There is no proverbial magic money tree.
We can only deliver the high-quality public services that our communities want and need when we have a high-quality economy that can pay for them.
That means an absolute and unbreakable commitment to fiscal discipline on the part of any future Labour government.
There is nothing “left-wing” about running an excessive deficit.
There is nothing “progressive” about running up excessive debts.
A government has an absolute responsibility to manage the money it is entrusted with by the people it serves."
Last week the Institute for Fiscal Studies published a report saying, among other things, that almost all Treasury targets set since 1997 have been missed. The IFS said there was a lot to be said for flexible fiscal targets, and the Labour target qualifies as an example because it says the government would have to show at every budget how it would balance the current account budget over five years.
He praised Mark Carney, governor of the Bank of England.
"I want to pay tribute here to the Governor and to those at the Bank.
When the Chancellor was nowhere to be seen, the Prime Minister resigned, and assorted Tory Brexiteers simply walked away from the mess they helped create.
It was the actions of the Governor and the Bank of England that were there to offer the necessary support to our economy.
And yet their reward has been noises off from the Tory Party elite about the alleged failings of the Bank."
He said Labour was committed to protecting the Bank’s independence.
"At a time of economic uncertainty, not just here but across the world, we would trifle with the Bank’s independence at our peril.
It is a hard-won economic asset for this country.
So I want to repeat a point I have made already: under Labour, the Bank of England’s operational independence will be sacrosanct.
It is up to the government of the day to give the Bank its mandate.
But it is up to the Bank, and the Bank alone, to achieve it ...
The public servants who run the bank are drawn from the very top of the global talent pool. We will not allow a cabinet drawn from the dregs of a Tory government to place the blame for their failures on the bank."
Conservatives who have questioned Bank of England independence include William Hague, Michael Gove and Jacob Rees-Mogg. McDonnell seems to working on the basis that defending the Bank robustly will help to boost Labour’s economic credibility.
McDonnell claimed that George Osborne’s austerity policies failed.
"Philip Hammond will have to admit that the Conservatives have failed in every task they set themselves.
They failed to bring the deficit under control. It was supposed to have been eliminated by 2015.
They failed to bring down the government’s debt. It’s now 1.7 trillion.
They failed to restore wages, they failed on productivity, they failed on investment.
They failed because at every step of the way there was a Conservative Chancellor who put rhetoric ahead of the hard economic facts.
He chose austerity, when he could have chosen investment ...
Worst of all, it is an economy where after all the sacrifices of spending cuts and stagnant wages and zero hour contracts - the government debt burden continues to rise and the government deficit remains stubbornly high.
There is no other way to say it. Those sacrifices were made in vain.
The Tories want you to forget George Osborne but I want to you to remember what he did in detail.
Because he not only failed on every target he set himself – he plunged Britain’s hard pressed communities into such a state of neglect that they reached for the option of a break with Europe.
Labour accepts the referendum result as the voice of the majority and we must embrace the enormous opportunities to reshape our country that Brexit has opened for us.
In that way we can speak again to those who were left behind and offer a positive, ambitious vision instead of leaving the field open to divisive Trump-style politics.This means we must not try to re-fight the referendum or push for a second vote and if Article 50 needs to be triggered in parliament Labour will not seek to block or delay it.
We are insisting on full, tariff-free access to the Single Market for our businesses because this is the best way to protect jobs and living standards here.
This must include provision for our financial services sector, as part of a deal for the whole economy."
Good speech by McDonnell...
I've read that speech and this just reinforces the idea that - to all intents and purposes - the Labour Party is finished, dead.
The decline has been 10 years now, ever since Blair announced he'd be standing down and the left of the party began to regain control. Corbyn has lost the dressing room and the fans.
Mid-term by-elections, usually rich pickings for the Her Majesty's Official Opposition... somehow Corbyn's Labour party managed to buck the trend...
Caroline Johnson, Conservative – 17,570, 54% (-2.7%)
Victoria Ayling, UKIP – 4,426, 13.5% (-2.2%)
Ross Pepper, LibDem – 3,606, 11.0% (+5.3%)
Jim Clarke, Labour – 3,363 10.2% (-7%)
I'm surprised more hasn't been spoken of influential Labour-supporting columnists (Paul Mason, Owen Jones et al) finally admitting that Momentum has been a vehicle for Trotskyites to enter and try to control the Labour Party. Both have written at length about this in recent weeks and the inevitable split that is occurring.
There's an article on Buzzfeed where one Momentum supporter has a moment of clarity about what it is all really about and comes to the same conclusion that the rest of us already had about the movement, namely that it's a talking shop for pointless hard lefties and that they can't help but splinter into ever more ridiculous factions. Freud called this the 'narcissism of small differences'. That's such a brilliant way to describe it.
https://www.buzzfeed.com/jimwaterson/pro-corbyn-activists-fear-momentum-could-split-in-two
Laura Murray, the newly elected Momentum women’s representative, accused fellow activists of attempting to turn the group into a rival political party that would ultimately stand candidates against Labour, writing on her blog: “Jeremy Corbyn will inevitably make one compromise or concession that isn’t ideologically-pure enough for them and they will abandon him and Labour altogether to turn Momentum into a rival left-wing party."
She added: “Naively, I assumed that all Momentum members would be focussed on building a positive and unprecedented movement to transform the Labour Party and society. “I never could have imagined the sheer capacity that some people have to endlessly argue with each other, either over the boring bureaucracy of structures and process or pointless motions on policies they can’t implement because they’re not actually a party.”
Has anyone actually heard from Corbyn since the referendum? Seems he thinks that silence is the best way to persuade the electorate of policies, how to view the world, respond to events, etc.
YouGov/Times Westminster voting intentions (4-5 Dec):
CON 42(+3)
LAB 25(-2)
LD 11(+2)
UKIP 12(-2)
GRN 4(=)
This is a seven year low for Labour... I just hope they haven't bottomed out too early!