Sell: Cable, Umunna, IDS; Buy: sensible backbench Tories

The New Statesman’s political investment guide for 2013.

It has been a turbulent year for Westminster trading. Stock in pretty much everyone and everything has fallen. It’s bearish out there. The outlook for next year is hardly less gloomy. National reserves of trust are at an all-time low. Scarcity of imagination and competence will continue. The market is over-supplied with mediocrity.

Here we present the New Statesman’s political investment guide for 2013.

Hold

All three of the main party leaders Ed Miliband, Nick Clegg and David Cameron all look relatively secure in their positions. Miliband is unassailable as long as his party is leading opinion polls. Cameron will be undermined by rebellious backbenchers but will, true to past form, make sufficient concessions to ward off the threat of a credible challenge. The overwhelming majority of Tories recognise the absence of a ready alternative. The Liberal Democrats can hardly be satisfied with their position but a majority seem to accept that unpopularity is a necessary consequence of becoming a party of government and that Clegg, as the man who is leading them on that journey, deserves more time to make it work.

George Osborne and Ed Balls  Alike in more ways than either man likes to admit, neither is liked but both are proven operators with serious staying power.

Boris Johnson The London Mayor can’t advance up the political ladder any further until he is an MP and he can’t run for parliament before the next general election without it looking like the start of a leadership bid but with no vacancy – a very exposed position. So he has to bide his time. But too many disgruntled Tories find him useful as a theoretical foil to Cameron for his stock to fall yet.

Buy

Sensible backbench Tories The Conservative leadership will be desperate next year to push forward some moderate voices to counteract the high profile enjoyed by Anglo-Tea Party, Ukip-lite fanatics. Conservatives who sound reasonable and do a good impression of belonging to 21st Century Britain are bound to start cutting through a little bit more. Lesser-known moderate Tories, such as Damien Hinds, MP for East Hampshire, and Alok Sharma, MP for Reading West are worth a look.

Fiscally serious Labour people The premium on Labour MPs who actually think about practical policy responses at a time of austerity is sure to go up. Liz Kendall, shadow social care minister, has a realistic understanding of the fiscal challenge and a detailed grasp of a vital brief. Likwise, Stella Creasy, MP for Walthamstow and scourge of payday lenders. She combines a clear attack line on the rapacious end of immoral capitalism with a quiet commitment to budget discipline. And she doesn’t speak in tedious robotic jargon as pumped out by the party press office.

Chris Huhne? One for the bargain-hunters. There are reports – as yet unconfirmed – that charges of perverting the course of justice that finished the former Energy Secretary’s cabinet career might be dropped. That would open the way for a return to active politics. He’s far too unpopular among Tories and mistrusted by Clegg to get a front line job. But he has enough support in the party rank and file to start causing mischief and right now the price is at rock bottom.

Sell

Vince Cable The Business Secretary is seriously over-priced as a consequence of Labour and Tory people ramping up the idea of him replacing Clegg as Lib Dem leader, largely just to destabilise the third party. It won’t happen. Cable doesn’t have a big enough base among Lib Dem MPs and, in any case, he wouldn’t want to be the man to wield the knife against Clegg, knowing that doing so would diminish his chances of wearing the crown. The Cable leadership talk is a bubble.

Chuka Umunna Shares in Cable’s opposite number on the Labour front bench, Chuka Umunna, have also been trading high for most of 2012. Umunna is talked up as a potential leader of his party one day. He looks and sounds good on television; he has avoided being associated too strongly with any wing of the party. But his rapid elevation through the ranks and high profile have made him a figure of envy and irritation on his own side. Questions are also starting to be asked about the rigour and depth of his economic analysis. As shadow business secretary he should be the face of Miliband’s quest for more responsible capitalism, which means leading an economic operation of sufficient gravitas to rival the more reactionary story coming out of the shadow chancellor’s office. Is Umunna heavyweight enough to counter-balance Ed Balls? Doubtful.

Andrew Mitchell On the Tory side there has been a sudden rally in Andrew Mitchell’s stock, following revelations that cast doubt on the police version of events in the “plebgate” story that finished his career as International Development Secretary. Westminster has been piling into Mitchells on the assumption that he can now return to front line politics. I’m not so sure. He didn’t resign exclusively because of what he was alleged to have said but because so few Tories felt like defending him and plenty were gleefully putting the boot in. The angry temperament that got him into trouble in the first place has plainly left a long trail of resentment that will not be forgotten quickly. This is not a man who can easily slot back into government where he left off. His current rehabilitation is a dead-cat bounce.

Iain Duncan-Smith The Work and Pensions Secretary is feted as a pioneer of “compassionate” Conservatism. Few question his moral determination to make welfare reform a mechanism to rehabilitate poor communities by helping those on benefits back into work. Sadly, that ambition is being undone by cuts inflicted by the Chancellor and by general lack of competence at every level in DWP. 2013 is the year flagship welfare reforms run aground.

Then of course there’s the alternative investment market. George Galloway’s price surely peaked in Bradford in 2012. His ambition is plainly to use Respect as the vehicle for a hard left personality cult built around him. His personality isn't attractive enough to make that work at a national level. On the right, Ukip will continue to make angry mischief up until at least 2014 elections to the European parliament. It could be worth dabbling in Farages now, but switch to safer Tory stocks before the general election.

General warning: the New Statesman is not responsible for views formed on the basis of this advice. Remember, politicians’ reputations can even further down as well as just down.

Vince Cable: "the Business Secretary is seriously over-priced". Photograph: Getty Images.

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

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Where Labour has no chance, hold your nose and vote Lib Dem

May's gamble, MacKenzie's obsession and Wisden obituaries - Peter Wilby's First Thoughts.

In 2007 Gordon Brown allowed rumours to circulate that he would call an early general election for the spring of 2008. When he failed to do so, he was considered a coward and a ditherer and never recovered. Theresa May has tried a different strategy. After firmly denying that she would call an early election and killing off speculation about one, she suddenly announced an election after all. Will this work better for her than the opposite worked for Brown?

The Prime Minister risks being seen as a liar and an opportunist. Her demand for “unity” at Westminster is alarming, because it suggests that there is no role for opposition parties on the most important issue of the day. If Labour and the Lib Dems are smart enough to co-operate sufficiently to rally the country against what looks like an attempt to instal an authoritarian, right-wing Tory regime, May, even if she wins the election, could find herself weakened, not strengthened. I never thought I would write this but, in constituencies where Labour has no chance, its supporters should hold their noses and vote Lib Dem.

Taken for granted

I wonder if May, before she took her decision, looked at the precedents of prime ministers who called unnecessary elections when they already had comfortable parliamentary majorities. In 1974, after three and a half years in office, Edward Heath, with a Tory majority of 30, called a “Who runs Britain?” election during a prolonged dispute with the miners. He lost. In 1923, Stanley Baldwin, a new Tory leader sitting on a majority of 75 obtained by his predecessor just a year earlier, called an election because he wished to introduce tariffs, an issue strikingly similar to the one raised by Brexit. He also lost. The lesson, I think (and hope), is that prime ministers take the electorate for granted at their peril.

China’s long game

Commentators compare the crisis ­involving North Korea and the US with the Cuban missile crisis of 1962. It doesn’t feel that way to me. For several days that year, nuclear war seemed, to my 17-year-old mind, all but inevitable. I went to the cinema one afternoon and felt surprise when I emerged three hours later to find the world – or, at least, the city of Leicester – going about its business as normal. Two nuclear powers were in direct confrontation. The US threatened to invade communist Cuba to remove Soviet missiles and blockaded the island to prevent deliveries of more weapons. Soviet ships sailed towards the US navy. It wasn’t easy to imagine a compromise, or who would broker one. Nobody doubted that the two sides’ weapons would work. The Soviet Union had carried out nearly 200 nuclear tests. North Korea has claimed just five.

For all the talk of intercontinental missiles, North Korea at present isn’t a credible threat to anybody except possibly its neighbours, and certainly not to the US or Britain. It is in no sense a geopolitical or economic rival to the US. Donald Trump, who, like everybody else, finds the Middle East infernally complicated, is looking for an easy, short-term victory. The Chinese will probably arrange one for him. With 3,500 years of civilisation behind them, they are accustomed to playing the long game.

Mussel pains

Whenever I read Kelvin MacKenzie’s columns in the Sun, I find him complaining about the size of mussels served by the Loch Fyne chain, a subject on which he happens to be right, though one wonders why he doesn’t just order something else. Otherwise, he writes badly and unfunnily, often aiming abuse at vulnerable people such as benefit claimants. It’s a new departure, however, to insult someone because they were on the receiving end of what MacKenzie calls “a nasty right-hander”, apparently unprovoked, in a Liverpool nightclub. He called the victim, the Everton and England footballer Ross Barkley, who has a Nigerian grandfather, “one of our dimmest footballers” and likened him to “a gorilla at the zoo”.
The paper has suspended MacKenzie, a former Sun editor, and Merseyside Police is investigating him for racism, though he claims he didn’t know of Barkley’s ancestry.

Several commentators express amazement that Sun editors allowed such tripe to be published. It was not, I think, a mistake. Britain has no equivalent of America’s successful alt-right Breitbart website, disruptively flinging insults at all and sundry and testing the boundaries of what it calls “political correctness”, because our alt right is already established in the Sun, Express and Mail. To defend their position, those papers will continue to be as nasty as it takes.

Over and out

Easter is the time to read the cricket annual Wisden and, as usual, I turn first to the obituaries. Unlike newspaper obituaries, they record failures as well as successes – those who managed just a few undistinguished performances in first-class cricket and, most poignantly, some who promised much but died early. We learn of a 22-year-old Indian who, during demonstrations against the alleged molestation of a schoolgirl, was shot dead by police and whose grieving mother (invoking the name of one of India’s greatest batsmen) cried, “Bring my Gavaskar back!” In England, two young men drowned, having played one first-class match each, and a 22-year-old Sussex fast bowler, described as “roguish” and “enormously popular”, fell off a roof while celebrating New Year with friends in Scotland. In South Africa, a young batsman was among five municipal employees killed when their truck crashed; the local mayor fled the funeral as his workmates “chanted menacingly” about unpaid wages.

Among the better-known deaths is that of Martin Crowe, probably New Zealand’s best batsman. In a Test match, he once got out on 299 and reckoned the near-miss contributed to the cancer that killed him at 53. “It tore at me like a vulture pecking dead flesh,” he said. Cricket can do that kind of thing to you. 

Peter Wilby was editor of the Independent on Sunday from 1995 to 1996 and of the New Statesman from 1998 to 2005. He writes the weekly First Thoughts column for the NS.

This article first appeared in the 20 April 2017 issue of the New Statesman, May's gamble

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