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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10 times Nicola Sturgeon nailed what it's like to be a Remain voter post-Brexit

Scotland's First Minister didn't mince her words.

While Westminster flounders, up in Holyrood, First Minister Nicola Sturgeon has busied herself trying to find a way for Scotland to stay in the European Union

And in a speech on Monday, she laid out the options.

The Scottish Nationalist acknowledged the option of independence would not be straightforward, but she added: “It may well be that the option that offers us the greatest certainty, stability and the maximum control over our own destiny, is that of independence.”

She also hinted at a more measured stance, where Scotland could “retain ties and keep open channels” with the EU while other countries within the UK “pursue different outcomes”. 

And she praised the new PM Theresa May’s commitment to wait for a UK-wide agreement before triggering Article 50.

But Sturgeon’s wide-ranging speech also revisited her memories of Brexit, and the days of chaos that followed. Here are some of the best bits.

1. On the referendum

I am the last person you will hear criticising the principle of referenda. But proposing a referendum when you believe in the constitutional change it offers is one thing. Proposing - as David Cameron did - a referendum even though he opposed the change on offer is quite another. 

2. On the result

I told the Scottish Parliament a few days later that I was “disappointed and concerned” by the result. I have to admit that was parliamentary language for a much stronger feeling.

3. On the Leave campaign

I felt, and still feel, contempt for a Leave campaign that had lied and given succour to the racism and intolerance of the far right.

4. On leadership

It seemed abundantly clear to me that people - even many of those who had voted to Leave - were going to wake up feeling very anxious and uncertain. It was therefore the job of politicians, not to pretend that we instantly had all the answers, but to give a sense of direction. To try to create some order out of the chaos. That’s what I was determined to try to do for Scotland. I assumed that UK politicians would do likewise. I was wrong. 

5. On EU nationals

I felt then – and still feel very strongly today - that we must give them as much reassurance as possible. It is wrong that the UK government has not yet given a guarantee of continued residence to those who have built lives, careers and families here in the UK.

6. On karma

You tend to reap what you have sown over many years. It shouldn’t have come as a surprise to politicians who have spent years denigrating the EU and pandering to the myths about free movement, that some voters simply did not believe them when they suddenly started extolling the virtues of both.

7. On teenage voters

I think it was wrong in principle to deny EU nationals and 16 & 17 year olds the right to vote. But, as well as being wrong in principle, it was also tactically foolish. 

8. On slogans

While “Brexit means Brexit” is intended to sound like a strong statement of intent it is, in truth, just a soundbite that masks a lack of any clear sense of direction.

9. On Scotland

Some will say that we also voted to stay in the UK, so we must accept the UK wide verdict. But in 2014, we voted to stay part of a UK that was a member of the EU - indeed, we were told then that protecting our EU membership was one of the main reasons to vote against independence.

10. On taking back control

To end up in a position, which is highly possible, where we have to abide by all the rules of the single market and pay to be part of it, but have no say whatsoever in what the rules are, would not be taking back control, to coin a phrase we’ve heard more than once recently- it would be giving up control.