Labour dreams

I spoke in the Budget debate last week. Opposition speakers lined up to claim that our economic woes were nothing to do with them but solely the fault of the banks or the American sub-prime mortgage market.

This, 'anyone but us' mantra is deeply disingenuous. There is no doubt that externalities played a part in our economic trials but to suggest that the previous government's 'spend spend spend' played no role is frankly ridiculous.

Testament to that is that we are paying more in interest alone on our national debt than we spend on education or on defence, the Foreign Office and overseas development combined. That interest figure is £120-million a day — yes, a day — think of the healthcare or policing that could be provided for that extra cash if we weren't having to pay it over to creditors.

Labour's actual position as far as we know it appears confused — on the one hand they are anti this cut and that cut (which is another way of saying that they would increase the deficit or taxes) but on the other they espouse fiscal responsibility (they will make cuts of 80% of the level pursued by the government).

This conflict of positioning was added to on Saturday when the Leader of the Opposition addressed and offered his support to the TUC rally with a speech in Hyde Park where many of those who cheered him held placards calling for no cuts whatsoever.

As Ed Miliband strutted his stuff in the fresh spring air he invoked the mantle of Martin Luther King — it was great theatre but I could not help but feel that whilst he was quick to sell the dream there was little substance behind it.