Balls is right to target Mervyn King

The Bank of England governor crossed a line when he called for a “plan A”.

Just a few weeks ago, Ed Balls questioned whether Mervyn King's support for the government's austerity measures was as sincere as it appeared. He told Andrew Marr: "I don't think that Mervyn King in his heart of hearts really believes that crushing the economy in this way is the right way to get the economy moving."

But in an interview in today's FT, Labour's Keynesian pitbull launches a long-overdue assault on the governor of the Bank of England. He tells the paper: "The last thing you ever want is for the Bank of England to be drawn into the political arena . . . central bank governors have to be very careful about tying themselves too closely to fiscal strategies, especially when they are extreme and are making their job on monetary policy more complicated."

Balls is right. King's declaration this week that "there has to be a plan A" (a line first used by George Osborne himself) was his most overtly political statement yet. It amounted to an explicit rejection of Labour's calls for a "plan B".

As Sunder Katwala notes, it was little surprise that David Cameron chose to quote King at length during this week's PMQs. In one of his answers to Ed Miliband, Cameron said:

Above all, what I would say to him is what the governor of the Bank of England said this morning: "There has to be a plan A . . . This country needs fiscal consolidation to deal with the biggest Budget deficit in peacetime."

There are two possible explanations for King's behaviour. Either he is a highly naive man who does not anticipate that his words will be used for political purposes, or he is a highly partisan man who believes, against all evidence to the contrary, that the coalition's premature fiscal retrenchment will increase growth. The second seems the likelier explanation, but neither is palatable and both raise the question: is this man fit to lead an independent Bank of England?

George Eaton is political editor of the New Statesman.

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How Jeremy Corbyn and an Arsenal player roasted Piers Morgan… in Spanish

Muy burn.

As if politics in the UK wasn’t spicy enough, watch what happens when you do it in Spanish.

It all started when backward ham Piers Morgan complained in a piece for the Mail that Jeremy Corbyn and his wife froze him out of a conversation with the Arsenal player Héctor Bellerín at the GQ Awards:

“Later, fellow Arsenal fan Jeremy Corbyn came over to speak to him. When I tried to interrupt, the Labour leader – whose wife is Mexican – promptly switched to fluent Spanish to shut me out of the conversation.

‘What did you tell him?’ I asked.

Corbyn smirked. ‘I told him to please send Arsène Wenger my very best and assure him he continues to have my full support, even if he’s lost yours, Piers. In fact, particularly because he’s lost yours…’

A keen-eyed tweeter picked up the passage about speaking Spanish, and the anecdote went viral:


So viral, in fact, that Bellerín himself commented on the story in a tweet saying, “Come on mate, don’t take it personally” to Morgan – punctuated masterfully with a crying laughing emoji.


Then the Labour leader himself joined in the great burning ceremony, replying to the thread in full Spanish:


His response translates as:

“It was nice to meet you. It’s better that we don’t tell him what we were talking about, he wouldn’t understand. Well-played in the game on Sunday.”

And muy buen juego to you too, El Jez.

I'm a mole, innit.