Labour's right to join the economic debate is under attack

Osborne's attempt to create a sense of equivalence between Fred Goodwin and Ed Balls is a threat to

George Osborne's speech had two distinct purposes. The first and most obvious was to show that the government is not complacent about the stagnating economy and the effect it is having. This he aimed to do with a rash of announcements, the most significant of which is surely the interest in "credit easing", by which the Treasury lends directly to firms. As my colleague George points out, this looks like a tacit admission that Project Merlin - the deal between government and the banks to increase the supply of private sector credit - is failing. It is worth adding that other devices that were meant to stimulate the economy by disbursing government cash, notably the regional growth fund, are also implicitly belittled by this move. The growth fund has yet to actually hand out any money.

The second of Osborne's tasks was to reinforce the coalition's central political message about Labour's responsibility for creating the crisis. This Osborne did with a sleight of rhetorical hand, embarking on what sounded like an attack on the bankers but blended seamlessly into an attack on the shadow chancellor. The aim is to create some sense of equivalence in people's minds between the dereliction of responsibility shown by the likes of Fred Goodwin at RBS and the fiscal management of the last government. It is a crude device but one that poses a big threat to Labour. Osborne doesn't want to beat the two Eds in an argument on the economy, he wants to trash their moral credentials to even participate in an argument about the economy.

Given how effective the Chancellor has already been in promoting his account of Labour profligacy as the prime cause of austerity, Miliband should be worried by this renewed assault on his entitlement to have a view. The argument Miliband made in his conference speech - that the Tories' economic analysis represents the last gasp of a failed model of irresponsible free market capitalism - requires a degree of historical and ideological perspective that many voters don't bring to bear when apportioning blame. Labour badly needs a sharper rebuttal.

One other point on Osborne's political calculations: The heavy emphasis on the failings in the eurozone was inevitable, but the tone, essentially blaming continental governments for creating the conditions that are now holding back the UK economy, was new. The Chancellor clearly felt the need to lash out at "Europe" in some way to appease the large numbers in his party who see the single currency crisis as an opportunity to renegotiate Britain's whole settlement with Brussels. But I sense another element to this argument. Osborne lavished praise on William Hague for his 2001 election campaign dedicated almost entirely to demands to "save the pound". The Tories lost by a landslide. Now that the euro is in dire trouble, Tory strategists are sensing an opportunity to salvage some credibility from their wilderness years. This isn't so much a eurosceptic argument as part of the Tory "decontamination" agenda. Osborne seems to be re-branding old political failures as a kind of foresight.

The Chancellor doesn't just want to monopolise economic argument in the present and future, he wants to rewrite the past too.

Rafael Behr is political columnist at the Guardian and former political editor of the New Statesman

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Donald Trump vs Barack Obama: How the inauguration speeches compared

We compared the two presidents on trade, foreign affairs and climate change – so you (really, really) don't have to.

After watching Donald Trump's inaugural address, what better way to get rid of the last few dregs of hope than by comparing what he said with Barack Obama's address from 2009? 

Both thanked the previous President, with Trump calling the Obamas "magnificent", and pledged to reform Washington, but the comparison ended there. 

Here is what each of them said: 

On American jobs

Obama:

The state of our economy calls for action, bold and swift.  And we will act, not only to create new jobs, but to lay a new foundation for growth.  We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together.  We'll restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost.  We will harness the sun and the winds and the soil to fuel our cars and run our factories.  And we will transform our schools and colleges and universities to meet the demands of a new age.

Trump:

For many decades we've enriched foreign industry at the expense of American industry, subsidized the armies of other countries while allowing for the very sad depletion of our military.

One by one, the factories shuttered and left our shores with not even a thought about the millions and millions of American workers that were left behind.

Obama had a plan for growth. Trump just blames the rest of the world...

On global warming

Obama:

With old friends and former foes, we'll work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet.

Trump:

On the Middle East:

Obama:

To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West, know that your people will judge you on what you can build, not what you destroy. 

Trump:

We will re-enforce old alliances and form new ones and unite the civilized world against radical Islamic terrorism, which we will eradicate completely from the face of the earth.

On “greatness”

Obama:

In reaffirming the greatness of our nation we understand that greatness is never a given. It must be earned.

Trump:

America will start winning again, winning like never before.

 

On trade

Obama:

This is the journey we continue today.  We remain the most prosperous, powerful nation on Earth.  Our workers are no less productive than when this crisis began.  Our minds are no less inventive, our goods and services no less needed than they were last week, or last month, or last year.  Our capacity remains undiminished.  

Trump:

We must protect our borders from the ravages of other countries making our product, stealing our companies and destroying our jobs.

Protection will lead to great prosperity and strength. I will fight for you with every breath in my body, and I will never ever let you down.

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland