Ed balls

The birds chirruping in the sunlight clearly didn’t get Ed Balls’s memo. Otherwise they’d know that today is “Black Wednesday,” the day when the coalition’s tax and benefit policies swoop in to leave the average household some £200 a year worse off. This is the message that the shadow chancellor is broadcasting this morning, be it on Radio 4 or in a post for Labour Uncut. His claim is that the coalition is — by going “too far, too fast” on the deficit — merely squeezing the “squeezed middle” even more. Only that’s not quite the full picture. The Treasury, for one, is pointing out that today’s measures will actually

The Most Annoying Figure in British Politics™ is spread absolutely everywhere today: in the newspapers, on Twitter and, most notably, in interview with the New Statesman’s Mehdi Hasan. The interview really is worth reading, not least because it pulls out and probes some of Ball’s arguments, both for himself and for Labour’s fiscal reasoning. Guido has already dwelt on the former — “I’m a very loyal person,” quoth the shadow chancellor — but what about the latter? Three things struck me: 1) Oh, yeah, there was a structural deficit. The Big News here is probably Balls’s admission that Labour did run up a structural deficit (i.e. a deficit that remains

Cameron was at pains to disguise it, but his impatience finally gave way at PMQs today. What a contrast with the last 24 hours. The nemesis of Gaddafi, the terror of Tripoli, the champion of the rebels, the moral conscience of the West, the world’s latest and greatest international tyrant-buster had to return to earth, and to the House of Commons, to deal with enterprise zones, disability benefits, carbon trading price structures and all the belly-aches of the provincial grockles who put him where he is. What a chore. Ed Miliband had a pop at him on police numbers. The Labour leader asked a clear and simple question. ‘Will there

Ed Balls has just delivered Labour’s Budget briefing. His main point was that the Office of Budget Responsibility now forecasts higher levels of unemployment than it did last autumn. He claimed that this would lead to a £12.6bn increase in spending on unemployment benefit. He also argued that the decision to increase tax thresholds by CPI rather than RPI was an effective tax increase and that it will hit the middle hardest. In a classic piece of Ballsian mischief, he reveled in pointing out that the Office of Budget Responsibility says that it received news of the extra cut in corporation tax and the 1p cut in fuel duty too

Benedict Brogan’s latest post is built around an observation from Jo Johnson on the 50p rate, yet it is Brogan’s own observation that gets a place in our Budget scrapbook: “Some people I have spoken to think George Osborne might be sufficiently worried about the growing exodus of entrepreneurs to put down a marker on 50p in the Budget next week.” Whether this “marker” transpires — and what it might look like, if it does — is something we shall have to wait for. In the meantime, it’s worth noting that Labour have already set a marker on 50p: that it will have to remain for the duration of this

Last November, the OECD forecast — as it does — that the UK economy would grow by 1.7 per cent in 2011. Today, it has downgraded that figure to 1.5 per cent. I wonder, does this matter? Sure, it’s not an encouraging sign. And Ed Balls will be slathering at the thought of the OBR doing likewise next week. He has barely been able to contain his excitement already. Yet it’s worth pointing out two things. First, that the OECD is just one forecaster among many. The Treasury monitors no less than 39 independent organisations, and collects their forecasts on a monthly basis. Here’s what the picture looks like today:

Ed Miliband has been on Sky, talking about the alternative vote and Nick Clegg. The normally consensual Miliband was in strident mood. He said: ‘I want to win the AV referendum because I think it is important to reform our politics and I think it will make for a more accountable democracy and one where more votes count. The problem is Nick Clegg is the last thing we need to win this referendum.’ Earlier this morning, Miliband also urged Clegg to ‘lie low for a bit’, after the latter’s office allegedly derailed a joint event on AV between Miliband and Charlie Kennedy. Miliband may be dabbling in the Leader of

One of the hardest tasks of any opposition is to gain the trust and credibility to run the economy. After what happened over the last few years, Labour have an enormous credibility gap. Ed Balls’ decision to oppose any measure to deal with the deficit has reduced Labour’s economic credibility still further. So too has the two Eds’ decision to make attacks based on mis-truths, like denying there was a structural deficit before the election; or attacking the coalition for cutting bank taxes, when it is actually putting them up; and like backing another bonus tax, despite opposing it at the election, and despite Alistair Darling’s careful explanation of why

George Osborne’s speech to the Tory spring conference today showed the classic left-right way in which he wants to frame the political debate about the economy ahead of the Budget on the 23rd of March.  In a move straight out of the election-winning centre-right playbook of the 80s, he attacked Balls and Miliband as “Two left-wing politicians who don’t understand anyone who wants to get up and get on, anyone who want a better life for their family, anyone who want to create wealth, and start a business, and create jobs, and leave something to their children.” He tried to portray the Conservatives as the antithesis of this, as the

On any normal day, a missive from Tim Farron to George Osborne – urging him to axe the planned rise in fuel duty – would be striking enough. On a day when the Lib Dems finished sixth in a by-election, it has a whole lot more piquancy to it. I’m not saying that the Next Lib Dem Leader™ is trying to cause trouble, or even hastening to shore up support. He has, after all, been dutiful in defence of the coalition this morning, and he has been highlighting fuel costs for some time now. But Lib Dem backbenchers clearly have some demands for the government – and now’s the time

Attack, attack, attack. That’s the temper of George Osborne’s article for the Guardian this morning, which sets about Labour’s economic credibility with a ferocious sort of glee. Perhaps the best passage is where he asks how many times Labour can spend their ubiquitous “bank tax,” but this is more pertinent to the recent debate: “Where does all this leave Ed Miliband’s newfound enthusiasm for the “squeezed middle”? Let’s pass over his failure in every interview to define it – his last effort included around 90% of taxpayers. Where we can all agree is that these are difficult times for family incomes. There are two root causes. One is global: rises