“Every election is a sort of advance sale of stolen goods” H.L.Mencken
“However beautiful the strategy, you should occasionally look at the results” Winston Churchill
Labour’s key economic thinking, as advocated by Messrs. Miliband and Balls bears a striking resemblance to the policies of France’s socialist president, Francois Hollande. The president came to power in 2012 with a programme for more regulation, increased public spending, punitive taxation and a worrying disregard of the growing budget deficit.
These policies are now widely blamed for France’s woeful growth performance, the rapid worsening of public finances, unemployment rising above 10 per cent and a serious increase in social and racial tension. “This president’s policies have been terrible for French growth” (Robin Riverton, adviser to Aeroports de Paris) and Hollande’s approval rating has sunk to 13 per cent, the lowest for any president in more than five decades.
Labour’s high public spending, high borrowing and high taxation plans coupled with the unquestioning adoption of increased regulation (from Brussels and Westminster) are virtually identical to President Hollande’s. And the consequences will be the same. The successful recovery of the UK economy will stop in its tracks, unemployment will grow rapidly, public finances will deteriorate, foreign investment will halt, talented entrepreneurs will emigrate (as happened in France) and no doubt the future economic and social agenda of the UK will then be determined by the EU and the International Monetary Fund.
Adopting the catastrophic policies inflicted on France by President Hollande and now advocated by Ed Miliband is definitely not a vote winner for common sense.