Captain Caveman
Platinum Member
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In a word, statism. Labour exists to spend money. No disgrace there: it is the quickest route to some of its social objectives. But with taxes and public debt so much higher than when Labour last governed, the pain this time will be sharper. Here is a prediction. After some initial fiscal restraint, Labour, in frustration, will borrow more — on past evidence, much more — than markets currently expect. If taxes rise, too, the public’s reaction won’t be the kind of grudging assent granted to Gordon Brown’s penny on national insurance in 2002. Worse, public services won’t improve much because Labour won’t reform them. When Tony Blair challenged producer interests in healthcare and education, unions revolted. Sir Keir Starmer shows little intention of even testing their patience. If the Tories are a lobby group for old people, Labour is one for the public-sector middle class. If the most important social schism under this government is between the wage-earning young and asset-rich pensioners, expect the next one to be between private and public sector workers.
Labour’s confidence in officialdom is touching.
You don't even have to be a Financial Times reader to know that by the end of 4 to 5 years, voters will be saying, "What the fup did we do to deserve that?".
