The Economy

Let me make a little progress and then take some more interventions. We are all being asked to vote tonight on the proposition put forward by the shadow Chancellor. We are all being asked to support his motion calling for a big unfunded tax cut. This is what the Financial Times commented when it heard about that. It said that the shadow Chancellor's argument ““increasingly sounds irrelevant”” and that it is"““favoured by those who are unwilling to face up to the true problems facing Britain's economy today.””" The Economist said that the shadow Chancellor's speech was"““steeped in cynical electoral politics, thinly disguised as an economics lecture.””" Well, there is always The Guardian, isn't there? Not on this occasion. The Guardian said that the shadow Chancellor's economic policy was the ““wrong prescription”” and went on to say:"““The big job for Labour . . . is not to dream up a couple of policies but to work out a cogent position on the deficit””" and that there is"““No sign of that yet.””" No sign of a cogent position on the deficit—that was not a comment from the Government, the right-wing press or the IMF, but from The Guardian. That shows just how alone the shadow Chancellor is.