Ed Miliband's speech on the economy: five key points

The Labour leader adapts Obama's "growing from the middle out" and calls for a "recovery made by the many, not just a few".

Ed Miliband will head to Bedford today to deliver the major speech on the economy that I first reported on The Staggers earlier this week, followed by a joint Q&A with Ed Balls at a training centre. 

It's unclear whether the speech will contain any new tax or spending commitments (although Jon Cruddas promised Newsnight last night that it would feature "a major, substantive piece of economic policy"), it will, according to pre-released extracts from Labour, offer "a choice between two different visions of our economy". 

"The Conservative vision of a race to the bottom in wages and skills, rewarding those at the very top but leaving everyone else squeezed as never before. Or the One Nation Labour vision." In an interview in today's Guardian, Miliband elaborates on this theme.

So, ahead of the speech at 10:45, here are five of the key points from the pre-released extracts and the interview. 

1. You've never had it so bad

Miliband's decision to make the speech in Bedford is an allusion to Harold Macmillan's famous 1957 address in the same town in which the Conservative prime minister declared: "you've never had it so good". 

Today, the Labour leader will say, millions across Britain fear "they will never have it so good again". 

Small businesses are working harder than ever before. People are working harder than ever before. But for far too many, wages are falling and prices are rising.

"Far from feeling they have never had it so good, millions across Britain today fear 'they will never have it so good again'. The question that people ask me the most is 'how do we turn this round?'"

It this bleak outlook - the Resolution Foundation reported yesterday that living standards will not return to pre-recession levels until at least 2023 - that will shape Miliband's policy priorities. 

2. Policy without a price tag

With less money around to spend and Labour wisely holding back its tax and spending commitments until the state of the public finances is clear, Miliband will outline alternative means of building a fairer economy and society. Returning to the territory of "predistribution" (although probably without using that word), he will say that a Labour government would take action to:

- "break the stranglehold of the big six energy suppliers

- stop the train company price rip-offs on the most popular routes

- introduce new rules to stop unfair bank charges

- cap interest on payday loans."

3. Miliband channels Obama: "growing from the middle out"

At yesterday's PMQs, Miliband channelled Ronald Reagan, asking David Cameron his own version of the US President's famous question to Jimmy Carter in the 1980 presidential debate: "Are you better off now than you were four years ago?" 

"At the end of the parliament, will living standards be higher or lower than they were at the beginning?", Miliband asked the PM.

In his Guardian interview, Miliband borrows from another US President, Barack Obama, and offers his account of what Obama calls "growing the economy from the middle out". He says: 

"We need a recovery made by the many, not just a few at the top. A recovery made by building, not squeezing, the middle. The government's economic strategy consists of squeezing the middle further, a race to the bottom and trickle down from the top."

Miliband notes that past recoveries have been driven by the middle class. 

"Henry Ford used to say: 'I have to pay my workers enough so they can buy the cars they are producing.' There was a British equivalent in relation to Macmillan: the houses were built, but people had the wages to buy or rent the houses."

4. Mansion tax: we're looking into it

Asked by the Guardian whether he will adopt a version of Vince Cable's "mansion tax", Miliband replies: "We have said we will look at the idea of mansion tax. Ed Balls was right to say that and we have said we would work with the government to make it happen."

The confirmation that Labour is exploring a mansion tax as part of its policy review is encouraging. Here at the NSwe've long argued that the burden of taxation should be shifted from income towards wealth and assets (see NS editor Jason Cowley's 2010 cover story on the subject). Wealth taxes are harder to avoid than those on income (even the most determined tax avoider cannot move his or her mansion to Geneva), are progressive (wealth is even more unequally distributed than income), and benefit the economy by shifting investment away from unproductive assets and towards wealth-creating industries. For the psephologically minded, it's also worth noting that they're popular. A Sunday Times/YouGov poll found that 63 per cent of the public (including 56 per cent of Tories) support a mansion tax, with just 27 per cent opposed.

5. Cameron's "global race" is a "race to the bottom"

Ever since his address at last year's Conservative conference, no David Cameron speech or interview has been complete without a reference to "the global race" facing Britain. But Miliband will denounce the Prime Minister's vision as one defined by a "race to the bottom". 

"David Cameron talks about a global race. And it is essential that we can compete with China and India and others. But I have to tell you, Britain won't win a race to the bottom by competing in the world as a low skill, low wage economy.

"We were promised that we could have growth and a lower deficit. In fact, we've had almost no growth and the deficit is rising again. But David Cameron's failure is not simply a failure of economic management or judgement. It is a failure to understand how wealth is created and an economy succeeds.

"We cannot go on with an approach that simply promises more of the same: year after year of squeezed living standards for the majority of working people. Because it's wrong for them and because it's wrong for our economy."

Ed Miliband will call for "a recovery made by the many, not just a few" in his speech on the economy in Bedford. Photograph: Getty Images.

George Eaton is political editor of the New Statesman.

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"We repealed, then forgot": the long shadow of Section 28 homophobia

Why are deeply conservative views about the "promotion" of homosexuality still being reiterated to Scottish school pupils? 

Grim stories of LGBTI children being bullied in school are all too common. But one which emerged over the weekend garnered particular attention - because of the echoes of the infamous Section 28, nearly two decades after it was scrapped.

A 16-year-old pupil of a West Lothian school, who does not wish to be named, told Pink News that staff asked him to remove his small rainbow pride badge because, though they had "no problem" with his sexuality, it was not appropriate to "promote it" in school. It's a blast from the past - the rules against "promoting" homosexuality were repealed in 2000 in Scotland, but the long legacy of Section 28 seems hard to shake off. 

The local authority responsible said in a statement that non-school related badges are not permitted on uniforms, and says it is "committed to equal rights for LGBT people". 

The small badge depicted a rainbow-striped heart, which the pupil said he had brought back from the Edinburgh Pride march the previous weekend. He reportedly "no longer feels comfortable going to school", and said homophobia from staff members felt "much more scar[y] than when I encountered the same from other pupils". 

At a time when four Scottish party leaders are gay, and the new Westminster parliament included a record number of LGBTQ MPs, the political world is making progress in promoting equality. But education, it seems, has not kept up. According to research from LGBT rights campaigners Stonewall, 40 per cent of LGBT pupils across the UK reported being taught nothing about LGBT issues at school. Among trans students, 44 per cent said school staff didn’t know what "trans" even means.

The need for teacher training and curriculum reform is at the top of campaigners' agendas. "We're disappointed but not surprised by this example," says Jordan Daly, the co-founder of Time for Inclusive Education [TIE]. His grassroots campaign focuses on making politicians and wider society aware of the reality LGBTI school students in Scotland face. "We're in schools on a monthly basis, so we know this is by no means an isolated incident." 

Studies have repeatedly shown a startling level of self-harm and mental illness reported by LGBTI school students. Trans students are particularly at risk. In 2015, Daly and colleagues began a tour of schools. Shocking stories included one in which a teacher singled out a trans pupils for ridicule in front of the class. More commonly, though, staff told them the same story: we just don't know what we're allowed to say about gay relationships. 

This is the point, according to Daly - retraining, or rather the lack of it. For some of those teachers trained during the 1980s and 1990s, when Section 28 prevented local authorities from "promoting homosexuality", confusion still reigns about what they can and cannot teach - or even mention in front of their pupils. 

The infamous clause was specific in its homophobia: the "acceptability of homosexuality as a pretended family relationship" could not be mentioned in schools. But it's been 17 years since the clause was repealed in Scotland - indeed, it was one of the very first acts of the new Scottish Parliament (the rest of the UK followed suit three years later). Why are we still hearing this archaic language? 

"We repealed, we clapped and cheered, and then we just forgot," Daly says. After the bitter campaign in Scotland, in which an alliance of churches led by millionaire businessman Brian Souter poured money into "Keeping the Clause", the government was pleased with its victory, which seemed to establish Holyrood as a progressive political space early on in the life of the parliament. But without updating the curriculum or retraining teaching staff, Daly argues, it left a "massive vacuum" of uncertainty. 

The Stonewall research suggests a similar confusion is likely across the UK. Daly doesn't believe the situation in Scotland is notably worse than in England, and disputes the oft-cited allegation that the issue is somehow worse in Scotland's denominational schools. Homophobia may be "wrapped up in the language of religious belief" in certain schools, he says, but it's "just as much of a problem elsewhere. The TIE campaign doesn't have different strategies for different schools." 

After initial disappointments - their thousands-strong petition to change the curriculum was thrown out by parliament in 2016 - the campaign has won the support of leaders such as Nicola Sturgeon and Kezia Dugdale, and recently, the backing of a majority of MSPs. The Scottish government has set up a working group, and promised a national strategy. 

But for Daly, who himself struggled at a young age with his sexuality and society's failure to accept it, the matter remains an urgent one.  At just 21, he can reel off countless painful stories of young LGBTI students - some of which end in tragedy. One of the saddest elements of the story from St Kentigern's is that the pupil claimed his school was the safest place he had to express his identity, because he was not out at home. Perhaps for a gay pupil in ten years time, that will be a guarantee. 

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