Johnson running out of his nine lives

Ed Miliband’s press conference today was a classic example of clever opposition politics. He and Alan Johnson said that Labour would continue the bonus tax on the banks for one more year. This policy has the twin advantage of maximising the coalition’s discomfort over the whole issue of bankers’ bonuses and expiring well before the next election.

The rest of Miliband’s press conference was devoted to an attempt to defend the record of the previous Labour government. Miliband kept making the valid point that in the years before the crash Cameron and Osborne weren’t saying that Labour was spending too much but were instead committed to matching Labour’s spending plans. This is true but like the Tory protestations that Labour and the Lib Dems had also backed joining the ERM bound to fall on deaf ears.

The truth is Labour shouldn’t have been running a deficit after a decade of growth.