The Economy

The truth is that given all that has happened in the last 18 months, Labour Members are going to fight the next general election on a commitment to maintain the tripartite committee—to maintain exactly the relationship between the FSA, the Treasury and the Bank of England. That is not a credible position given what has happened, and we are the ones coming up with answers about how to reform it. In the last few days, a whole string of European leaders have queued up to agree with our arguments about debt. The German Chancellor said:""I will not let anyone tell me that we must spend more money."" The Spanish Finance Minister said:""In these conditions, I…believe there is no room for new fiscal stimulus"" The Czech Prime Minister, and the current President of the European Council—before the Chief Secretary to the Treasury sneers at him—says:""All…these steps are the road to hell"."