So what happens to the aid budget in an "age of austerity"?

Harriet Harman is right to draw our attention to the coalition's approach to development spending.

It wasn't just the NHS budget that the Cameroons pledged to ringfence and protect in opposition, as part of their failed "detoxification" and rebranding of the Conservative Party between 2005 and 2010. The aid budget, we were told, would be protected too - Bono appeared via video link at the Tories' annual conference in 2009 to heap praise on Cameron and co for signing up to the 0.7 per cent pledge.

But let's be honest: the aid budget isn't an issue that tends to be at the top of politicians' or journalists' priority lists. It can be so easily overlooked, forgotten and/or ignored.

So yesterday, in a speech at the London School of Economics, Labour's deputy leader, Harriet Harman, who is also the Shadow Secretary of State for International Development, was right to flag up the "fragile" nature of the Conservatives' pledge on international aid and the need for a Labour-led grassroots campaign to keep up pressure on the coalition to deliver for the developing world:

With the Tory Party commitment to the 0.7 per cent being fragile , with the opposition from within their own ranks so virulent, with growing public anger about the effect of the cuts on domestic priorities, alongside a strong public belief that "charity begins at home", no-one should take it for granted that the Tories will inevitably deliver on their pledge. The fact that the two parties of the coalition government and the official opposition all agree on this target should not lull anyone into a false sense of security that its achievement is a foregone conclusion.

So, we cannot simply wait for the pledge to be honoured, we must remake our arguments for it. It is time for "a Keep the 0.7per cent / 2013 promise" campaign. We are launching it next week. I am sure that we can look to young people, the churches, the aid agencies and our diaspora communities to support such a campaign - as they did so much to campaign for the original promise and so strongly backed the actions our government took to increase aid and drop debt.

She went on to make this rather important if depressing observation:

Despite the government's commitment to UK aid reaching 0.7per cent of GNI by 2013, the Spending Review Statement of last October froze the aid budget as a percentage of GNI for the next 2 years.

The cost of this 2 year freeze - instead of continuing the upward trend we established - is £2.2 billion which would otherwise have been available in development aid.

...Abandoning the steady progress towards the 2013 target, instead of building on the progress that was made when we were in government will require a big jump in the aid budget in 2 years time. Following the 2 year aid freeze, to meet their promised target by 2013, they will need to boost the aid budget by 31% in a single year - an increase of approximately £3billion - in 2013.

Does anyone - apart from perhaps Steve Hilton - really believe that's going to happen in the run-up to 2013?

Mehdi Hasan is a contributing writer for the New Statesman and the co-author of Ed: The Milibands and the Making of a Labour Leader. He was the New Statesman's senior editor (politics) from 2009-12.

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By refusing to stand down, Jeremy Corbyn has betrayed the British working classes

The most successful Labour politicians of the last decades brought to politics not only a burning desire to improve the lot of the working classes but also an understanding of how free market economies work.

Jeremy Corbyn has defended his refusal to resign the leadership of the Labour Party on the grounds that to do so would be betraying all his supporters in the country at large. But by staying on as leader of the party and hence dooming it to heavy defeat in the next general election he would be betraying the interests of the working classes this country. More years of Tory rule means more years of austerity, further cuts in public services, and perpetuation of the gross inequality of incomes. The former Chief Secretary to the Treasury, Seema Malhotra, made the same point when she told Newsnight that “We have an unelectable leader, and if we lose elections then the price of our failure is paid by the working people of this country and their families who do not have a government to stand up for them.”

Of course, in different ways, many leading figures in the Labour movement, particularly in the trade unions, have betrayed the interests of the working classes for several decades. For example, in contrast with their union counterparts in the Scandinavian countries who pressurised governments to help move workers out of declining industries into expanding sectors of the economy, many British trade union leaders adopted the opposite policy. More generally, the trade unions have played a big part in the election of Labour party leaders, like Corbyn, who were unlikely to win a parliamentary election, thereby perpetuating the rule of Tory governments dedicated to promoting the interests of the richer sections of society.

And worse still, even in opposition Corbyn failed to protect the interests of the working classes. He did this by his abysmal failure to understand the significance of Tory economic policies. For example, when the Chancellor of the Exchequer had finished presenting the last budget, in which taxes were reduced for the rich at the expense of public services that benefit everybody, especially the poor, the best John McConnell could do – presumably in agreement with Corbyn – was to stand up and mock the Chancellor for having failed to fulfill his party’s old promise to balance the budget by this year! Obviously neither he nor Corbyn understood that had the government done so the effects on working class standards of living would have been even worse. Neither of them seems to have learnt that the object of fiscal policy is to balance the economy, not the budget.

Instead, they have gone along with Tory myth about the importance of not leaving future generations with the burden of debt. They have never asked “To whom would future generations owe this debt?” To their dead ancestors? To Martians? When Cameron and his accomplices banged on about how important it was to cut public expenditures because the average household in Britain owed about £3,000, they never pointed out that this meant that the average household in Britain was a creditor to the tune of about the same amount (after allowing for net overseas lending). Instead they went along with all this balanced budget nonsense. They did not understand that balancing the budget was just the excuse needed to justify the prime objective of the Tory Party, namely to reduce public expenditures in order to be able to reduce taxes on the rich. For Corbyn and his allies to go along with an overriding objective of balancing the budget is breathtaking economic illiteracy. And the working classes have paid the price.

One left-wing member of the panel on Question Time last week complained that the interests of the working classes were ignored by “the elite”. But it is members of the elite who have been most successful in promoting the interests of the working classes. The most successful pro-working class governments since the war have all been led mainly by politicians who would be castigated for being part of the elite, such as Clement Atlee, Harold Wilson, Tony Crosland, Barbara Castle, Richard Crossman, Roy Jenkins, Denis Healey, Tony Blair, and many others too numerous to list. They brought to politics not only a burning desire to improve the lot of the working classes (from which some of them, like me, had emerged) and reduce inequality in society but also an understanding of how free market economies work and how to deal with its deficiencies. This happens to be more effective than ignorant rhetoric that can only stroke the egos and satisfy the vanity of demagogues

People of stature like those I have singled out above seem to be much more rare in politics these days. But there is surely no need to go to other extreme and persist with leaders like Jeremy Corbyn, a certain election loser, however pure his motives and principled his ambitions.

Wilfred Beckerman is an Emeritus Fellow of Balliol College, Oxford, and was, for several years in the 1970s, the economics correspondent for the New Statesman