James Forsyth is former political editor of The Spectator.
Walk into George Osborne’s suite of offices in the Treasury and you are struck straightaway by a new excited mood. People who a month ago looked worn down by the burdens of office are now full of life. In no one has the transformation been more dramatic than the Chancellor himself. He strides out of
The sticking plaster is peeling off again. Spanish bond yields have again breached 7 per cent this morning. That 10 year gilts are back over this level is yet another reminder that the piece-meal solutions the Eurozone is trying just won’t work. Indeed, they are unravelling at an ever quicker rate as the markets realise
There are, though partisans don’t want to admit it, problems with both a judicial inquiry and a parliamentary inquiry into the Libor scandal and the wider culture it has revealed. A judicial inquiry would drag on and, judging by the Leveson Inquiry, there’s no guarantee that the judge would understand the industry he’s meant to
Following the vote just now, there will be a parliamentary inquiry into the Libor scandal. Andrew Tyrie, chairman of the Treasury select committee, will chair it because Ed Balls has agreed that Labour will participate in it as long as it concerns about membership and the secretariat are addressed; presumably, this means that Labour will
The exchanges between Balls and Osborne just now are some of the most heated and most personal in parliamentary memory. I suspect that Balls would now not offer to cook Osborne ‘my 14-hour pulled pork South Carolina barbecue. I’d know he, as an American aficionado, would truly appreciate it’. The cause for this row is
After a subdued PMQs, the politics of the Libor scandal has just been ratcheted up another notch. In an interview with The Spectator for this week’s issue, George Osborne has said that those around Gordon Brown ‘were clearly involved’ in the discussion about how to keep Libor down during the 2008 financial crisis. In the
David Cameron’s position on Europe is becoming clearer. ‘Fresh settlement, fresh consent’, the soundbite he kept using, is simply a euphemism for renegotiation followed by a referendum. It seems that this renegotiation will span the next election. Indeed, it will start as soon as a new EU treaty is proposed. In response to a question
Nick Clegg won’t be sitting next to the Prime Minister in the chamber for today’s statement on the EU Council. He has, I’m told, got other meetings to attend. This absence might be for the best given what Tory MPs are planning to ask Cameron. As Isabel revealed earlier, a string of Eurosceptic backbenchers are
The Osborne/Balls clash today was one of the most brutal I have seen in parliament. Osborne, leaning across the despatch box, mockingly enquired, ‘who was the City Minister when the Libor scandal happened? Put your hand up if you were the City Minister?’ Balls looked increasingly cross as Osborne continued down this path, demanding that
The more we learn about the Libor scandal, the more serious it becomes. Robert Peston’s suggestion that during the financial crisis, Barclays traders thought they were manipulating Libor under instruction from the Bank of England takes matters to another level. It should be stressed that the Bank is indicating that it offered no such
The momentum for a public inquiry into banking is growing. The Daily Mail front page demands ‘Put Bankers In the Dock’. While Ed Miliband has given an interview (£) to The Times in which he calls for an inquiry into the ‘institutional corruption in the City’. Miliband thinks that this inquiry should be tasked with
‘Coalition is like a see-saw,’ David Cameron used to say. The line, delivered with that confident smile which says politics is child’s play to me, summed up Cameron’s approach to the job in the first months of his government. Back then, he thought it was his and Clegg’s job to shift the weight around so
The Libor scandal is both a threat and an opportunity for Labour. The threat is that the abuses took place under a regulatory system that was devised by the last Labour government and by a Chancellor who both Eds worked for. As I said yesterday, the Tories are determined to hammer Balls — a former
The Libor scandal is yet another blow to the reputation of the City of London. Alistair Darling may have been right when he told George Osborne that we’re ‘kidding ourselves if we think this was the only country where this happened.’ But there’s no getting away from the fact that an uncomfortably large number of
Ed Miliband had a bit of swagger about him at PMQs today. In a sign of how the two leaders fortunes have reversed, it is now Miliband who appears to be relishing their exchanges. From the off, Cameron was in a peevish mood. Miliband secured a fairly comfortable points victory. His ‘Cabinet of comedians’ line
Before David Cameron reshuffles his government, he should sit down and watch Chloe Smith’s interview on Newsnight yesterday. It was a reminder of how important it is how to have ministers in departments who can go out and do the media on difficult days for the government, something that there are going to be
Talk to anyone in Downing Street and they can give you the four main reasons that voters cite for switching from the Tories to Labour: the Tory leadership is out of touch, the cost of living, immigration and welfare. The first two of these reasons are why the government has been prepared to risk further
The Greek coalition was already a pretty shaky affair but the resignation of the finance minister before he’s even taken office weakens it even further. Vassilis Rapanos, who was the Chairman of the National Bank of Greece, has been in hospital and his resignation does appear to be health related. But given that the two
The coalition’s plan for House of Lords reform will go to Cabinet on Tuesday. It could have a trickier time there than expected: some Tory Cabinet ministers who favour an elected Lords are deeply unhappy about the idea of using regional lists. But, even before Cabinet, one active Tory big beast has come out against
If you wanted a preview of the future of British politics, you should have headed through the back alleys of Westminster to Lord North Street on the last Monday in February. There, in the slightly cramped premises of the Institute of Economic Affairs, you could have seen the early stirrings of a Tory revolution. A
