Paul Krugman said Labour was "weak". Source: Getty Images
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Mehdi Hasan interviews Paul Krugman: Labour is "weak" in its opposition to cuts

The Nobel economist is scathing in his criticism of the two Eds.

In person, Paul Krugman is short, shy and quiet. But the Nobel Prize-winning economist and New York Times columnist isn’t afraid to hurl verbal hand grenades at his opponents – as I discovered to my amusement when I caught up with him on a visit to London this past week.

Krugman, who was in town to plug his new book End This Depression Now!, struggled to find anything positive to say about the EU’s leaders, President Barack Obama or the Israeli government. But it was the Princeton University professor’s comments about the Labour Party that stood out for me.

He was scathingly critical of Labour’s “weak” opposition to the Conservative-led coalition’s spending cuts. “Certainly, economically, they’re too cautious,” he said, dismissing the party’s plan to halve the deficit over four years.

His comments will make uneasy reading for the two Eds, Balls and Miliband, who are petrified of being tagged as “deficit deniers” by their right-wing critics. Under pressure from the Blairites inside the party, they have been trying to find the right balance between opposing the coalition’s austerity measures in the short run and supporting deficit reduction and cuts in the long run.

Krugman seemed to have little sympathy for them: Labour’s position on austerity, he told me, “has been a kind of ‘We’re like them but only less so’. And it does come across as fairly weak.” He continued: “It does seem odd that when you ask me: ‘Where is the really effective intellectual opposition coming from?’, it seems to be think-tank people and journalists. The opposition is Martin Wolf [of the Financial Times], Jonathan Portes [of the National Institute for Economic and Social Research], Simon Wren-Lewis [of Oxford University], David Blanchflower [of the New Statesman] and me.”

That, he said, is a “sad commentary” on the state of Her Majesty’s Opposition.

To add insult to injury, the Nobel laureate had high praise and much sympathy for Miliband’s predecessor, the much-maligned Gordon Brown. “He has been treated unfairly by history,” he said. “Yes, [Brown] made mistakes, but he is a much better guy than his current reputation suggests.”

I asked Krugman if he stood by his now-famous October 2008 description of the former prime minister as the leader who “saved the world financial system”. The economist nodded furiously. “Yes, he took the lead on the financial rescue which did save the world,” he told me. Without [Brown’s leadership], things would have been much, much worse. He was a smart guy.”

Krugman, a long-standing critic of the European single currency, was also keen to remind me how it was Brown who, as chancellor of the exchequer during the late 1990s, “kept Britain out of the euro. It would be a catastrophe here if Britain were in the euro.”

My full interview with the professor will appear in the New Statesman later this year.

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.

Photo: Getty
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How our actual real-life adult politicians are mourning Big Ben falling silent

MPs are holding a vigil for a big bell.

Democracy in action in the Mother of Parliaments has always been a breathtaking spectacle, and today is no exception. For a group of our elected representatives, the lawmakers, the mouthpieces for the needy, vulnerable and voiceless among us, will be holding a silent vigil, heads bowed, for the stopping of Big Ben’s bongs for four years.

That’s right. Our politicians are mourning an old bell that won’t chime for a limited period.

Here’s everything ludicrous they’ve been saying about it:

“Of course we want to ensure people’s safety at work but it can’t be right for Big Ben to be silent for four years.

“And I hope that the speaker, as the chairman of the House of Commons commission, will look into this urgently so that we can ensure that we can continue to hear Big Ben through those four years.”

- The Right Honourable Theresa May MP, Prime Minister of the United Kingdom of Great Britain and Northern Ireland, head of Her Majesty’s Government.

“There’s going to be a small group of us standing there with bowed heads in the courtyard… a group of like-minded traditionalists.

“We’re going to be gathering outside the members’ entrance, gazing up at this noble, glorious edifice, listening to the sounds rolling across Westminster, summoning true democrats to the Palace of Westminster.

“We’ll be stood down there with heads bowed but hope in our hearts.”

- Stephen Pound, Labour MP for Ealing North, Shadow Minister for Northern Ireland Where There Are Actual Issues.

“Why can’t they switch the bells back on when they stop working at 5pm or 6pm or whenever it is? Also why is it taking four years?… My own view is that Big Ben, whether it be the Elizabeth Tower or indeed the bell inside, it’s not just one of the most iconic British things, it’s one of the most iconic world things, it’s on a Unesco site.”

- Nigel Evans, Conservative MP for the Ribble Valley and Adult Human Person.

“Four years to repair Big Ben?! We could have left the EU twice in that time.”

- The Right Honourable Lord Adonis, formerly of the No 10 Policy Unit and ex-Secretary of State for Transport.

“I think Big Ben ought to be kept striking as much as possible during the repairs as long as it doesn’t deafen the work force.

“It would be symbolically uplifting for it to sound out our departure from the EU as a literally ringing endorsement of democracy.”

 - The Honourable Jacob Rees-Mogg, Conservative MP for North East Somerset and Our Future Overlord.

“We are being liberated from the European Union superstate and Britain will again be a completely self-governing country. Where will the eyes of the world be? On Parliament and Big Ben. It would be very strange if at midnight on that day it does not chime out, very bizarre. It is the heart of our nation.”

 - Peter Bone, Conservative MP for the Unfortunate Doomed of Wellingborough. 

Others have responded:

“[Silencing the bell is] not a national disaster or catastrophe.”

- The Right Honourable Jeremy Corbyn MP, Leader of Her Majesty’s Most Loyal Opposition (to broken clocks).

“When you see the footage [on Monday] of our colleagues who gather at the foot of Big Ben you will not see too many colleagues who have careers ahead of them.”

- Conor Burns (by name and by nature), Conservative MP for Bournemouth West and Parliamentary Private Secretary to the Foreign Secretary.

“I think we should respect people’s health and safety while we’re at work.

“To be honest, there are more important things to be worrying about. We’ve got Grenfell Tower, we’ve got thousands of people across our country let down who don’t get access to proper mental health care, and so on and so forth.

“Quite apart from what’s happened in Barcelona, let’s just get a life and realise there are more important things around.”

- The Right Honourable Norman Lamb, Liberal Democrat MP for North Norfolk, former Health Minister, and National Voice of Reason 2017.

I'm a mole, innit.