This speech is well worth reading

by Ed Bowsher on 07 September 2010  |  0 comments
Tweet

Ed Balls' big speech on the economy is well worth reading.

I've only just got round to reading Ed Balls' big speech on the economy for his Labour leadership campaign.

I've never been a fan of Balls. According to press reports, he was always in the thick of it when Gordon Brown was engaged in yet more sulk-driven bullying. He doesn't come across as an attractive character at all.

But the speech is well-worth reading. I don't agree with every word, but I agree with most of it. The speech is the best riposte to George Osborne that I've seen anywhere.

Here are some of the best quotes:

"The history of British policymaking in the last hundred years has taught us that on all the other occasions when major economic misjudgements were made, broad-based political, media, financial and popular opinion was in favour of the decision at the time, and the dissenting voices of economists were silenced or ignored."

"Time and time again in recent years, we have seen the markets lose confidence - usually in emerging market economies - because they see fiscal adjustment plans which look tough but lack credibility and end up being self-defeating. A vicious circle of begins of slower growth, investor flight, further reduced projections for growth, a worsening fiscal position, and further loss of market confidence.

"Hence Spain's decision, announced earlier this month by Prime Minister Zapatero, to reverse cuts in infrastructure spending and put back in place some projects that were suspended - a decision designed to support growth, jobs and confidence."

Worth reading......