Miliband’s big speech challenge isn’t Mark Carney

Even though Labour is quite clearly rather peeved by George Osborne’s minimum wage announcement, it is, in one way, a compliment to Ed Miliband that the Chancellor felt it strategically important to try to sabotage the Labour leader’s speech on banking, which he will deliver shortly. The Conservatives are aware that even if Miliband has a knack of coming up with policies that sound potty, he also has a knack of framing them in a way that disrupts the political debate. Thus a pledge by a party leader in the autumn to control prices in a market where he has no control of worldwide wholesale markets still managed to cause significant trouble.

It is significant this morning that Labour is trying to tussle with Mark Carney, who earlier this week dismissed talk of a bonus cap and breaking up the banks.