JEREMY Corbyn’s only positive legacy to Labour was to make its next frontbench seem sane.
With one notable exception.
When Ed Miliband moans about rising bills and the failure to secure our energy supply he wants voters to forget he is personally up to his neck in the blame.
As Gordon Brown’s Energy Secretary he lumped green levies on to our costs and built no nuclear power stations.
He still violently opposes producing our own cheap gas from shale.
Miliband is now behind Labour’s only real economic plan, to make our power generation carbon-free by 2030 and “create millions of jobs”.
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Yes, “millions”.
Nice idea.
But it is utterly delusional to think it could be done in only six years from 2024 without somehow throwing up nuclear power stations, torching planning laws and ignoring mutinous locals whose votes Labour needs.
Shadow Chancellor Rachel Reeves, meanwhile, at least talks a better game than her recent predecessors . . . even if her attacks on “trickle-down economics” — the Left’s entirely fictitious caricature of Tory policies — are beneath her.
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But there’s a glaring contradiction in vowing to make this the best country to start a business while instantly enforcing an artificially inflated minimum wage and handing 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.
Which parts of our hard-won new sovereignty would Labour hand back?
Labour, at its conference, plainly now believes an effortless election victory is nailed on.
Misplaced arrogance over a few months of poll leads is a persistent flaw the party still cannot shake.
Best not to boast you’re the “political wing of the British people” before you’ve actually won the British people’s approval.
BANK PLANK
WHY is Bank of England chief Andrew Bailey always caught on the hop?
His sole function is to control interest rates to ensure inflation stays at the two per cent target. It is now nearly ten.
Why is Bank of England chief Andrew Bailey always caught on the hop?[/caption]
When it first started soaring last year, Bailey said it was temporary and did nothing for three months.
He said the cause was global, the result of the post-Covid boom and various shortages.
Eventually the bank did act . . . too little, too late. Its rises are still substantially short of America’s.
We don’t wish mortgage misery on anyone, but rampant inflation is worse.
Last week’s hike was again too cautious.
And yesterday Bailey was a rabbit in the headlights as the Pound fell, with markets spooked by the first genuinely Tory “Budget” in decades.
An emergency rate rise would have looked like a vote of no confidence in the Chancellor.
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Instead he just issued a statement . . . and the Pound fell further.
The City clearly has little faith in him. And small wonder.
