JEREMY Corbyn’s only positive legacy to Labor was making his next frontbench look sane.
With one notable exception.
When Ed Miliband complains about rising bills and the inability to secure our energy supply, he wants voters to forget that he is personally responsible up to his neck.
As Gordon Brown’s energy secretary, he added green levies to our costs and built no nuclear power plants.
He still vehemently opposes the production of our own cheap gas from shale.
Miliband is now behind Labour’s only real economic plan, to make our electricity production carbon-free by 2030 and “create millions of jobs”.
But it is utterly illusory to think that it could be done in just six years from 2024 without somehow spewing nuclear power stations, burning planning laws and ignoring the mutineers Labor votes need.
Shadow Chancellor Rachel Reeves, meanwhile, speaks at least of a better game than her recent predecessors. . . even if its attacks on “trick-or-treat economics” – the entirely fictional caricature of left-wing conservative politics – are beneath it.
But there is a glaring contradiction in pledging to make this the best country to start a business while instantly enforcing an artificially inflated minimum wage and granting sweeping powers to workers and unions.
As for Brexit, Reeves wants to “fix the holes” in our deal with the EU.
How? Brussels will want its pound of flesh.
What parts of our new hard-won sovereignty would Labor give back?
Labor, at its conference, now clearly believes that an effortless election victory is assured.
Misplaced arrogance over a few months of polls is a lingering flaw the party still can’t shake.
Better not to brag about being “the political wing of the British people” until you have actually won the approval of the British people.
WHY is the head of the Bank of England, Andrew Bailey, still caught off guard?
Its sole function is to control interest rates to ensure that inflation remains at the 2% target. It is now almost ten o’clock.
When it started to skyrocket last year, Bailey said it was temporary and he hadn’t done anything for three months.
He said the cause was global, the result of the post-Covid boom and various shortages.
Eventually, the bank acted. . . too little, too late. Its rises are still significantly lower than those of America.
We don’t wish mortgage misery on anyone, but runaway inflation is worse.
Last week’s hike was once again overly cautious.
And yesterday Bailey was a rabbit in the headlights as the pound fell, with markets spooked by the first genuinely conservative ‘budget’ in decades.
An emergency rate hike would have looked like a vote of no confidence in the chancellor.
Instead, he just released a statement. . . and the pound fell again.
The City clearly does not trust him. And a little wonder.