Posts Tagged ‘Black Wednesday’

The Uncuts: 2022 Political Awards (Part II)

31/12/2022, 04:48:53 PM

Comeback Of The Year: Keir Starmer  

Starmer has spent the last two-and-a-half years quietly playing a long game. While never to everyone’s satisfaction – that would be unfeasible – he nevertheless has addressed most of the issues he had on the table back in the spring of 2020, even largely cleaning up the smell of antisemitism which the Corbyn years had left hanging over the party. Corbynites have left in droves; Momentum marginalised; and, perhaps most importantly, the backroom political pressure exerted by Unite has been dramatically reduced.

This is not so much to do with Starmer directly: a major factor has been the transfer of power between former leader Len McCluskey and his successor Sharon Graham; and also the financial and political impact of multiple investigations (including criminal ones) getting close to McCluskey and his cronies, effectively pulling the plug on the old money-machine which funded Labour’s entryist cabal for so long. But these things might also not have happened, had Starmer not secured a convincing win over the Corbynites.

Starmer has not been perfect, by any means. He has failed to be ruthless with his frontbench, with the result that it is still rather weak in political heft. And his vacillation on women’s rights has created a potential Achilles heel for Labour, which the Tories have already shown themselves keen to exploit. He is still failing to beat Sunak in “best PM” polling.

But Labour’s current strong showing overall under his leadership is an undeniable achievement, when you consider the nadir it faced just three Christmases ago, after the party’s worst defeat in three-quarters of a century.

He now needs to ensure he doesn’t throw it away, which is still eminently possible.

The Order Of Black Wednesday Award: Liz Truss and Kwasi Kwarteng

The Order Of Black Wednesday Award is a special prize, awarded by Uncut for wanton, gratuitous attempted or actual destruction of the UK’s finances (for political historians, the award is named after the fateful Wednesday in 1992, when Tory Chancellor Norman Lamont and the then non-independent Bank of England conspired to make UK interest rates jump massively several times in the same day; in the end proposing to hike to 15%, before collapsing out of the ERM, the EU’s currency-pegging system prior to the euro. He resigned in disgrace shortly after and his party lost its reputation for economic competence; not to mention power, in a Labour landslide five years later.)

Close to being awarded during the Johnson administration for the final Withdrawal Agreement, it was felt however by the judges that, although the damage was significant and the policy management cack-handed, it was not of the order required.

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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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