Rowenna Davis selected as Labour candidate for Southampton Itchen

The New Statesman contributor is chosen to contest the marginal seat currently held by John Denham.

Congratulations to New Statesman writer Rowenna Davis, who has just been selected as Labour's PPC for Southampton Itchen.

I've known Rowenna since 2011 and have long admired her campaigning on issues such as the living wage, affordable housing and payday loans. Current MP John Denham, who is standing down in 2015, held the seat by just 192 votes in 2010 (making it the 13th most marginal in the Commons) but with a candidate as strong as Rowenna it's one the party can be confident of retaining.

She said after her selection:

It's an honour to succeed John Denham as Labour's candidate for Southampton Itchen.

Too many people have told me they feel anxious about the future as a result of a heartless and incompetent government that continues to give a raw deal to this city, threatening Southampton's proud record as a place of hope and opportunity. We urgently need to make Southampton a living wage city, attract new investment and employment, build more affordable housing and support our schools to become the leading lights of the south.

I'm looking forward to working on these issues with all residents whether they voted Labour, Conservative, UKIP or have never voted at all, to change Southampton together.

As well as serving as a councillor in Peckham, Rowenna has been a regular contributor to the NS since 2010. She's also the author of Tangled Up In Blue, an excellent account of the birth of Blue Labour, which I reviewed back in 2011.

To get a flavour of Rowenna's social commentary and investigative journalism, here are a few good places to start.

No "spirit of 45" for the workers at the liberal intelligentsia's favourite cinemas (April 2013)

How food banks became mainstream: the new reality of the working poor (December 2012)

The left's opposition to badger culls ignores the plight of our farmers (October 2012)

Spread of betting shops shows the coalition's failure on growth (June 2012)

The silent crisis engulfing our pubs (March 2012)

Payday loans: "Don’t worry, love, they don’t need your backstory!" (December 2011)

Shadows over the rural idyll (December 2010)

Labour also held its selection in Hampstead and Kilburn today, where Camden councillor Tulip Siddiq was chosen to replace the retiring Glenda Jackson. That seat is even more marginal than Southampton Itchen, with Labour holding on by just 42 votes in 2010.

Judging by tweets from those at the selection, it appears to have been an acrimonious occasion. Camden New Journal reporter Richard Osley wrote: "All a bit heated outside the Labour selection meeting for Hampstead and Kilburn. One man reportedly headbutted in clash outside", and the police and ambulance services were subsequently called.

Rowenna Davis, who was elected to Southwark Council as a councillor in Peckham in May 2011.

George Eaton is political editor of the New Statesman.

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Leader: The unresolved Eurozone crisis

The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving.

The eurozone crisis was never resolved. It was merely conveniently forgotten. The vote for Brexit, the terrible war in Syria and Donald Trump’s election as US president all distracted from the single currency’s woes. Yet its contradictions endure, a permanent threat to continental European stability and the future cohesion of the European Union.

The resignation of the Italian prime minister Matteo Renzi, following defeat in a constitutional referendum on 4 December, was the moment at which some believed that Europe would be overwhelmed. Among the champions of the No campaign were the anti-euro Five Star Movement (which has led in some recent opinion polls) and the separatist Lega Nord. Opponents of the EU, such as Nigel Farage, hailed the result as a rejection of the single currency.

An Italian exit, if not unthinkable, is far from inevitable, however. The No campaign comprised not only Eurosceptics but pro-Europeans such as the former prime minister Mario Monti and members of Mr Renzi’s liberal-centrist Democratic Party. Few voters treated the referendum as a judgement on the monetary union.

To achieve withdrawal from the euro, the populist Five Star Movement would need first to form a government (no easy task under Italy’s complex multiparty system), then amend the constitution to allow a public vote on Italy’s membership of the currency. Opinion polls continue to show a majority opposed to the return of the lira.

But Europe faces far more immediate dangers. Italy’s fragile banking system has been imperilled by the referendum result and the accompanying fall in investor confidence. In the absence of state aid, the Banca Monte dei Paschi di Siena, the world’s oldest bank, could soon face ruin. Italy’s national debt stands at 132 per cent of GDP, severely limiting its firepower, and its financial sector has amassed $360bn of bad loans. The risk is of a new financial crisis that spreads across the eurozone.

EU leaders’ record to date does not encourage optimism. Seven years after the Greek crisis began, the German government is continuing to advocate the failed path of austerity. On 4 December, Germany’s finance minister, Wolfgang Schäuble, declared that Greece must choose between unpopular “structural reforms” (a euphemism for austerity) or withdrawal from the euro. He insisted that debt relief “would not help” the immiserated country.

Yet the argument that austerity is unsustainable is now heard far beyond the Syriza government. The International Monetary Fund is among those that have demanded “unconditional” debt relief. Under the current bailout terms, Greece’s interest payments on its debt (roughly €330bn) will continually rise, consuming 60 per cent of its budget by 2060. The IMF has rightly proposed an extended repayment period and a fixed interest rate of 1.5 per cent. Faced with German intransigence, it is refusing to provide further funding.

Ever since the European Central Bank president, Mario Draghi, declared in 2012 that he was prepared to do “whatever it takes” to preserve the single currency, EU member states have relied on monetary policy to contain the crisis. This complacent approach could unravel. From the euro’s inception, economists have warned of the dangers of a monetary union that is unmatched by fiscal and political union. The UK, partly for these reasons, wisely rejected membership, but other states have been condemned to stagnation. As Felix Martin writes on page 15, “Italy today is worse off than it was not just in 2007, but in 1997. National output per head has stagnated for 20 years – an astonishing . . . statistic.”

Germany’s refusal to support demand (having benefited from a fixed exchange rate) undermined the principles of European solidarity and shared prosperity. German unemployment has fallen to 4.1 per cent, the lowest level since 1981, but joblessness is at 23.4 per cent in Greece, 19 per cent in Spain and 11.6 per cent in Italy. The youngest have suffered most. Youth unemployment is 46.5 per cent in Greece, 42.6 per cent in Spain and 36.4 per cent in Italy. No social model should tolerate such waste.

“If the euro fails, then Europe fails,” the German chancellor, Angela Merkel, has often asserted. Yet it does not follow that Europe will succeed if the euro survives. The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving. In these circumstances, the surprise has been not voters’ intemperance, but their patience.

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