Posts Tagged ‘Black Wednesday’

Theresa May is eminently beatable. Labour just need a leader up to the job

12/07/2016, 10:43:11 AM

by Atul Hatwal

The ascension of a new party leader is usually a time for rushed, breathless hagiographies and fears among opponents, within and without their party, that a new tide will sweep away their forces.

Allow me to demur.

Theresa May has demonstrated many qualities to become prime minister designate, but her position is far from imperious.

For those of us around in Westminster in the 1990s, there are some recognisable contours to the new political landscape that now confronts Labour, following the tsunami of the past three weeks.

A major economic event fundamentally that changes the narrative on who can be trusted on the economy. Personal enmities and ideological divisions spilling into public view across the Conservative party. A Tory leader facing the prospect of recession while trying to protect a small parliamentary majority.

It all feels rather familiar.

In the 1990s, the starting point was Black Wednesday. In the mid-2010s, it’s Brexit.

In 1992, Sterling’s exit from the Exchange Rate Mechanism (ERM) re-defined the Tories’ image of economic competence. Whatever the rights and wrongs of leaving the ERM, it became the prism through which the ongoing recession was reported.

In the process, the Conservatives became associated with a deadly combination of economic incompetence and pain.


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The week Uncut

09/04/2011, 10:20:56 AM

In case you missed them, these were the best read pieces on Uncut in the last seven days:

Ed Balls says this week saw another black Wednesday for millions of Britons

Ex gen sec Peter Watt offers some advice for interested applicants

Dan Hodges asks why don’t we try and find out why we lost?

Tom Watson says letter from director of public prosecutions discredits Met testimony

Atul Hatwal offers up an Old Politics case for AV

Recovering intern, Sabrina Francis, thinks there must be a better way

…and Tom Harris takes aim at Ollie Letwin in this weeks half a minute Harris

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The Tories’ give and take, take, take

06/04/2011, 12:01:05 AM

by Ed Balls

Today will be a black Wednesday for millions of families across Britain.

David Cameron promised to lead the most family-friendly government ever. George Osborne said we’re all in this together. So why are their changes to tax and benefits, which come into force today, hitting women harder than men? And why are they taking so much support from children: with families on low and middle incomes being hit the hardest of all?

We’ve been through a global financial crisis; not a recession made in Britain. And, like every major economy in the world, we now have a big challenge to get the deficit down. So there have to be tough decisions. They will include some spending cuts, fair tax rises, like the 50p top rate of tax for the richest, and the national insurance rise we proposed last year.

But as we have consistently argued, by making a political choice to cut the deficit further and faster than any other major country, George Osborne is going too deep and too fast. He is putting jobs and growth at risk. And he is doing so in an unfair way, giving the banks a tax cut this year while low and middle income families are hit hard.

This month families aren’t just seeing their national insurance contributions go up. David Cameron and George Osborne have gone further and faster: with a big hike in VAT, cuts to tax credits, cuts to childcare support and a three year child benefit freeze as well. (more…)

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