Ed Miliband stands with his director of communications Bob Roberts as he waits to give an early morning television interview at the Labour conference in Brighton. Photograph: Getty Images.
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Confident Miliband passes the Today programme test

Unlike on previous occasions, when he has struggled to flesh out the meaning of his cerebral speeches, the Labour leader has signature policies that he is prepared to defend.

After the conservative press responded to Ed Miliband's pledge to freeze energy prices until 2017 by branding him as a 1970s-style socialist and the energy companies warned of power blackouts, the Labour leader was called for the defence on the Today programme this morning.

To the former charge, he argued persuasively that it was Labour that was "the pro-competition party, the pro-market party" because it wanted "markets to succeed, not fail" by working "in the public interest". To the latter, he said that on "any reasonable scenario", the companies would be able to cope, implying that they were resorting to scare tactics. He conceded, however, that in the event of major price shocks, "companies could make their case to the government."

On the danger of firms hiking prices in advance of the election in order maximise their profits, he replied: "we will make sure that this is a genuine freeze and we will take action to make sure that happens." That implies that Labour would seek to peg prices to their 2014 level were companies to raise prices in 2015. Milband added that the freeze would not be extended beyond 2017 because he expected to have "reformed the energy market" by then.

One important test of a conference speech is whether it can withstand scrutiny the following day and Miliband ably cleared that hurdle this morning. Unlike on previous occasions, when he has struggled to flesh out the meaning of his cerebral addresses, he came armed with signature policies that he was prepared to argue for. He has also adopted a notably softer and more measured speaking style.

By taking on the energy companies, Miliband is confident that he has picked a battle that can only have political benefits. In highlighting threats of blackouts from the sector, Tory MPs have walked straight into his trap by appearing to side with the companies over the consumers. Labour is confident that voters will agree that, in Miliband's words, "the fundamental problem at the heart of the market is that wholesale prices go up and people pay more, and wholesale prices go down and people still pay more."

George Eaton is political editor of the New Statesman.

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Scotland's vast deficit remains an obstacle to independence

Though the country's financial position has improved, independence would still risk severe austerity. 

For the SNP, the annual Scottish public spending figures bring good and bad news. The good news, such as it is, is that Scotland's deficit fell by £1.3bn in 2016/17. The bad news is that it remains £13.3bn or 8.3 per cent of GDP – three times the UK figure of 2.4 per cent (£46.2bn) and vastly higher than the white paper's worst case scenario of £5.5bn. 

These figures, it's important to note, include Scotland's geographic share of North Sea oil and gas revenue. The "oil bonus" that the SNP once boasted of has withered since the collapse in commodity prices. Though revenue rose from £56m the previous year to £208m, this remains a fraction of the £8bn recorded in 2011/12. Total public sector revenue was £312 per person below the UK average, while expenditure was £1,437 higher. Though the SNP is playing down the figures as "a snapshot", the white paper unambiguously stated: "GERS [Government Expenditure and Revenue Scotland] is the authoritative publication on Scotland’s public finances". 

As before, Nicola Sturgeon has warned of the threat posed by Brexit to the Scottish economy. But the country's black hole means the risks of independence remain immense. As a new state, Scotland would be forced to pay a premium on its debt, resulting in an even greater fiscal gap. Were it to use the pound without permission, with no independent central bank and no lender of last resort, borrowing costs would rise still further. To offset a Greek-style crisis, Scotland would be forced to impose dramatic austerity. 

Sturgeon is undoubtedly right to warn of the risks of Brexit (particularly of the "hard" variety). But for a large number of Scots, this is merely cause to avoid the added turmoil of independence. Though eventual EU membership would benefit Scotland, its UK trade is worth four times as much as that with Europe. 

Of course, for a true nationalist, economics is irrelevant. Independence is a good in itself and sovereignty always trumps prosperity (a point on which Scottish nationalists align with English Brexiteers). But if Scotland is to ever depart the UK, the SNP will need to win over pragmatists, too. In that quest, Scotland's deficit remains a vast obstacle. 

George Eaton is political editor of the New Statesman.