Ed Balls gave a big speech yesterday on the economy. Balls’ diagnosis of the failure of George Osborne’s economic policies always seems sound. What he says about austerity is true. It has unequivocally failed. Which makes it all the more puzzling when he says things like:
“…because this Government’s austerity economics has failed, we will have to govern in a very different way and in circumstances very different to what we have known for many years. We will inherit a substantial deficit. We will have to govern with much less money around. We will need to show an iron discipline.”
WTF? Because austerity has failed, we will need more of it if Labour wins? He went on to make positive noises about raising living standards an increasing growth, but this just won’t be possible within the constraints of George Osborne’s next spending review. He briefly mentions the post-war Labour government, but takes none of its inspiration. The spirit of ’45 should be the Labour Party’s motto now. Housebuilding, job creation and public services, but instead all we get is the promise of more of the same. So Labour are still very much part of the problem, and it looks like we’ll just be voting for our favourite colour in 2015. It will make little difference whoever wins.