In the Critics this week

Ryan Gilbey on Steven Spielberg's Lincoln, Douglas Hurd on David Hannay, George Saunders interviewed and Kate Mossman discusses Les Misérables.

In the Critics section of this week’s New Statesman, Ryan Gilbey reviews Steven Spielberg’s upcoming release, Lincoln. Gilbey praises screenwriter Tony Kushner for his creation of a “fine-grained procedural drama” that is abundant with “unique structural and linguistic strengths”. Spielberg doesn’t go without praise, though, particularly where  the portrayal of slavery is concerned. Gilbey notes that this is a significant improvement on his 1997 brush with the subject in courtroom drama Amistad. Daniel Day-Lewis’s performance as the 56-year-old president Abraham Lincoln is “genuinely mesmerising” with interesting comparisons drawn with the younger Lincoln depicted by Henry Fonda in John Ford’s 1939 Young Mr Lincoln. Gilbey picks up on the questionably unintentional continuity between the characters, and the “baked-in wisdom and joyfulness” that is clear in both actors’ portrayals. Despite painting an “intimately gruelling” picture of the civil war, Spielberg achieves a kind of “magisterial grandeur” in the film’s cinematography.

In Books: Douglas Hurd reviews Britain’s Quest for a Role: a Diplomatic Memoir from Europe to the UN by diplomat David Hannay (“We shall need plenty of new Hannays if the opportunities of this century are not to be thrown away”); Maragret Drabble discusses John Burnside’s collection of short stories, Something Like Happy (“His characters are are reconciled to being almost happy when most alone”); Bang! A History of Britain in the 1980s by Graham Stewart is reviewed by Stuart Maconie (“It is a largely consuming book, crammed with detail, anecdote and juxtapositions”); John Sutherland on Lara Feigel’s The Love-charm of Bombs: Restless Lives in the Second World War (“An innovative exercise in this genre”); and Helen Lewis gives her opinion on Navel Gazing: One Woman’s Quest for a Size Normal by Anne H Putnam (“There are barely any characters other than the author and her stomach . . . it’s a one-woman-and-her-body-show”).

In the Books Interview, Sophie Elmhirst talks to George Saunders about his latest novel, Tenth of December. Saunders says: “When you bring morality up in relation to fiction, people think you’re propagandising and that, I think, is totally anti-art”.

Elsewhere in the Critics: Kate Mossman sings the praises of the film adaptation of the musical Les Misérables; Rachel Cooke is unimpressed by the second series of Borgen on BBC4; Antonia Quirke discusses the power of Radio 4’s Open Country; and Leo Hollis talks design at Missorts art project in Bristol.

Steven Spielberg with Daniel Day-Lewis at the recent premier of film Lincoln. Photograph: Getty Images
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The Autumn Statement proved it – we need a real alternative to austerity, now

Theresa May’s Tories have missed their chance to rescue the British economy.

After six wasted years of failed Conservative austerity measures, Philip Hammond had the opportunity last month in the Autumn Statement to change course and put in place the economic policies that would deliver greater prosperity, and make sure it was fairly shared.

Instead, he chose to continue with cuts to public services and in-work benefits while failing to deliver the scale of investment needed to secure future prosperity. The sense of betrayal is palpable.

The headline figures are grim. An analysis by the Institute for Fiscal Studies shows that real wages will not recover their 2008 levels even after 2020. The Tories are overseeing a lost decade in earnings that is, in the words Paul Johnson, the director of the IFS, “dreadful” and unprecedented in modern British history.

Meanwhile, the Treasury’s own analysis shows the cuts falling hardest on the poorest 30 per cent of the population. The Office for Budget Responsibility has reported that it expects a £122bn worsening in the public finances over the next five years. Of this, less than half – £59bn – is due to the Tories’ shambolic handling of Brexit. Most of the rest is thanks to their mishandling of the domestic economy.

 

Time to invest

The Tories may think that those people who are “just about managing” are an electoral demographic, but for Labour they are our friends, neighbours and the people we represent. People in all walks of life needed something better from this government, but the Autumn Statement was a betrayal of the hopes that they tried to raise beforehand.

Because the Tories cut when they should have invested, we now have a fundamentally weak economy that is unprepared for the challenges of Brexit. Low investment has meant that instead of installing new machinery, or building the new infrastructure that would support productive high-wage jobs, we have an economy that is more and more dependent on low-productivity, low-paid work. Every hour worked in the US, Germany or France produces on average a third more than an hour of work here.

Labour has different priorities. We will deliver the necessary investment in infrastructure and research funding, and back it up with an industrial strategy that can sustain well-paid, secure jobs in the industries of the future such as renewables. We will fight for Britain’s continued tariff-free access to the single market. We will reverse the tax giveaways to the mega-rich and the giant companies, instead using the money to make sure the NHS and our education system are properly funded. In 2020 we will introduce a real living wage, expected to be £10 an hour, to make sure every job pays a wage you can actually live on. And we will rebuild and transform our economy so no one and no community is left behind.

 

May’s missing alternative

This week, the Bank of England governor, Mark Carney, gave an important speech in which he hit the proverbial nail on the head. He was completely right to point out that societies need to redistribute the gains from trade and technology, and to educate and empower their citizens. We are going through a lost decade of earnings growth, as Carney highlights, and the crisis of productivity will not be solved without major government investment, backed up by an industrial strategy that can deliver growth.

Labour in government is committed to tackling the challenges of rising inequality, low wage growth, and driving up Britain’s productivity growth. But it is becoming clearer each day since Theresa May became Prime Minister that she, like her predecessor, has no credible solutions to the challenges our economy faces.

 

Crisis in Italy

The Italian people have decisively rejected the changes to their constitution proposed by Prime Minister Matteo Renzi, with nearly 60 per cent voting No. The Italian economy has not grown for close to two decades. A succession of governments has attempted to introduce free-market policies, including slashing pensions and undermining rights at work, but these have had little impact.

Renzi wanted extra powers to push through more free-market reforms, but he has now resigned after encountering opposition from across the Italian political spectrum. The absence of growth has left Italian banks with €360bn of loans that are not being repaid. Usually, these debts would be written off, but Italian banks lack the reserves to be able to absorb the losses. They need outside assistance to survive.

 

Bail in or bail out

The oldest bank in the world, Monte dei Paschi di Siena, needs €5bn before the end of the year if it is to avoid collapse. Renzi had arranged a financing deal but this is now under threat. Under new EU rules, governments are not allowed to bail out banks, like in the 2008 crisis. This is intended to protect taxpayers. Instead, bank investors are supposed to take a loss through a “bail-in”.

Unusually, however, Italian bank investors are not only big financial institutions such as insurance companies, but ordinary households. One-third of all Italian bank bonds are held by households, so a bail-in would hit them hard. And should Italy’s banks fail, the danger is that investors will pull money out of banks across Europe, causing further failures. British banks have been reducing their investments in Italy, but concerned UK regulators have asked recently for details of their exposure.

John McDonnell is the shadow chancellor


John McDonnell is Labour MP for Hayes and Harlington and has been shadow chancellor since September 2015. 

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump