Tuesday, 13 October 2015

U Turn If You Want To, Labour IS for Turning

U turn if you want to, the Lady's not for turning. This was Margaret Thatcher's response to appeals from all sides to U turn on economic policy. She didn't, she pushed on with painful but necessary economic reforms and she got Britain back into shape stronger than ever. Ironic that today, on what would have been her 90th birthday, the new Labour leadership has done exactly the opposite. A matter of days ago Shadow Chancellor, John McDonnell was saying that he supported the Osborne charter of running a budget surplus in normal times. Today all that changed with Labour's U turn, they will no longer support George Osborne's charter. More accurately Labour leadership won't support it. Labour MPs took to Social media to openly criticise their party leader's stance, Shadow Cabinet member retaliated by giggling down the Radio 4 microphone and the leader himself cold stone silent. When they were last in Government Labour were openly, repeatedly and rightly criticised for not making the most of economic growth by putting money aside for economic downturns. Gordon Brown convinced by his own rhetoric that he had abolished boom and bust went further and sold billions of pounds worth of gold reserves at rock bottom prices. George Osborne's charter aims to correct that. No matter how convinced a future chancellor might be that the good times will never end the law will require them to run a surplus budget. If this had been the case in 2008 the Great Recession would not have been anywhere near as great.

Tonight Labour are ending this email to their members

"In less than 24 hours there will be a vote in Parliament on George Osborne’s “Charter” of cuts.
Make sure your friends and family know what Osborne is up to and why Labour is voting against it."

Labour is telling it's members that it will be voting against repairing the roof while the sun is shining. Have they not learned anything?