by Anthony Painter
This morning’s announcement that Labour is going to seek OBR audit of its fiscal plans in 2015 is a smart one. Tactically, it deflects the sort of ‘black hole’ attack from the Conservatives that we have seen over the weekend. The Tories are terrified by this- hence their rejection of the idea. Has there been a more shoddy piece of work coming out of HM Treasury than its ‘analysis’ published over the weekend? Secondly, it will mean that Labour will have to be meticulous in the preparation of its plans. This may help rebuild trust in Labour’s ability to manage public finances.
And thirdly, crucially, it may help to restore some faith in politics. If that takes external audit then so be it.
There will be much scoffing at this point. In a Today programme interview this morning, Ed Balls was also asked about Damian McBride and his own role in the Gordon Brown political operation. These seems like separate issues. However, trust in fiscal policy, politics, competence, fairness are all connected. The question is how can trust be restored- not just in Labour but politics more widely.
Poor behaviour can have an institutional check. Whether it is over-spending, under-taxing, setting interest rates, regulating industry or the personal destruction of political rivals.
Now, I’m not proposing that we give the OBR responsibility for political conduct. However, the principles of monitoring and audit could apply. Instead of brushing the McBride revelations under the carpet and pretending it’s all in the past when we know that either it isn’t or has the potential to occur again, Labour could act decisively instead. It could establish mechanisms of monitoring and sanction.