Friday 24 March 2023

Taking An Interest

As with Credit Suisse, I told you in October about Deutsche Bank. And is the interest rate on your savings account now 4.25 per cent? Thieves.

Just as we never voted for these "independent" pay review bodies, which are in fact appointed by the Ministers who set their terms of reference, so we never voted for the Bank of England to which Labour farmed out monetary policy without a manifesto commitment, or for the Office for Budgetary Responsibility that the Liberal Democrats decreed into existence, or for the Economic Advisory Council that Jeremy Hunt has created out of thin air.

On none of those occasions have the salaries of the First Lord of the Treasury, of all other Treasury Ministers, and of all senior Treasury civil servants, been halved, as in each of those cases they should have been. Likewise, if Ministers are not going to set the rates of pay in their areas of responsibility, then their own pay ought to be reduced accordingly. Better still, those Ministers should indeed set those rates, accountable to Parliament.

A sovereign state with its own free floating, fiat currency has as much of that currency as it chooses to issue to itself, with readily available fiscal and monetary means of controlling any inflationary effect. Those means therefore require to be under democratic political control.

Rachel Reeves does not understand any of this, and Keir Starmer does not know what the words mean, but when I tell you that there is going to be a hung Parliament, then you can take that to the bank. I spent the 2005 Parliament saying that it was psephologically impossible for the Heir to Blair's Conservative Party to win an overall majority. I predicted a hung Parliament on the day that the 2017 General Election was called, and I stuck to that, entirely alone, all the way up to the publication of the exit poll eight long weeks later. And on the day that Rishi Sunak became Prime Minister, I predicted that a General Election between him and Starmer would result in a hung Parliament.

To strengthen families and communities by securing economic equality and international peace through the democratic political control of the means to those ends, including national and parliamentary sovereignty, we need to hold the balance of power. Owing nothing to either main party, we must be open to the better offer. There does, however, need to be a better offer. Not a lesser evil, which in any case the Labour Party is not.


  1. Looks like you're now Shadow Shadow Chancellor as well as Shadow Leader of the Opposition.