Support 110 years of independent journalism.

  1. Business
22 September 2008updated 22 Oct 2020 3:55pm

Time to rein in the wreckless

Former Labour minister turned thinktank chief Chris Leslie gives his reaction to Alistair Darling's

By Chris Leslie

Alistair’s speech to conference today may not be the talk of the bar at the Midland Hotel – most delegates wanted far more radicalism – but there’s no doubt that it was the most significant contribution to the actual debates so far.

He didn’t detail a raft of policy specifics, nor did he commit to new spending plans. But the Chancellor did signal that the normal market orthodoxies which have let rip in the city are at last facing the prospect of restraint and accountability.

This is seismic stuff and Labour’s leadership would do well to capture the imagination of the vast majority of the British public by acting decisively to curb excessive speculation and the perverse bonus culture that has fuelled the recent financial turmoil.

It’s not only morally right that Labour reins in those wrecklessly gambling with the livelihoods of others, it is essential if we are to rebuild an efficient and successful economy.

Short-selling stocks and talking down the prospects of companies can become a cancer that deters long term investment and destabilises rationale investment choices.

Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU

We are witnessing the dawning realisation that markets have their limits, that at the edges of economics there are vital political interests, and that those advocating sturdy regulation and transparency have been right all along.

Britain now has an opportunity to lead the world in the design of a fairer and more open system of international checks and balances. And Labour should highlight the reliance of the Tories on the old laissez faire paradigms now wholly defunct.

Gordon will need to maintain early momentum and strike while the iron is hot. In the new circumstances we find ourselves in there is a real chance to put Cameron on the back foot, especially if hypothecating some tax revenues from the very richest and giving a tax break to the vast majority.

The Tories like to talk about “sharing the proceeds of growth”. Those whose wealth has ballooned unfairly during the boom times should be asked to share some of the proceeds of their privileged growth with ordinary working people.

The Tories cannot afford to oppose any reasonable moves to tax and regulate the super-rich. There is a new licence to act boldly in the air and Labour must capitalise on that new mood.

Hinting at changes and chiming with some of the instincts of Labour’s delegates is sufficient for this week, but the real test will be on policy activism in Alistair’s pre budget report.

Content from our partners
What you need to know about private markets
Work isn't working: how to boost the nation's health and happiness
The dementia crisis: a call for action