Ed Miliband Re Writes History

Ed Miliband has stated that the Labour Party of which he is the new leader after Gordon Brown should not take the blame for the gigantic debt mountain that Great Britain currently has.

I wonder who he thinks is to blame then?

It was his very own party who were in government from 1997 to 2010 some thirteen years with their hands on the levers. Surely they have to take most, if not all, of the blame?

I do not for one moment accept that all of the UK's economic problems can be blamed on the United States or the World Recession.

It seems to me then that he is in state of denial unable to acknowledge that Gordon Brown as Chancellor locked Britain into a housing boom which ended in a crash due to a lack of proper financial supervision and a light touch on city regulation..

What did Gordon Brown say on regulation "The better and in my opinion the correct model of regulation - the risk based approach is no inspection without justification, no form filling with out justification and no information requirements with out justification not just a light touch but a limited touch".. Well there you have it in a nut shell he had no idea!

How can Ed Miliband argue that the UK banking failure is not a direct result of his predecessor and therefore his very own policital party?

It does make you wonder where Gordon Brown was during the 1973/74 banking crisis (again caused by a property boom) when banks such as London & County and Cannon Street Investments were in difficulty. Surely he must know about this as Jeremy Thorpe the liberal politician was a director of London & County Securities?

In those equally difficult times with the UK stock market falling to levels seen some 25 years ago the Prime Minister did not panic as Brown and the Labour Party did they simply stood their ground, no banks were nationalised, the Bank of England merely provided sound and proper management and a life boat to those in need and after a few years every thing returned to normal.

For how many years was it of Gordon Brown's chancellorship that we heard those magic words "Mr Deputy speaker I have said before and I say again No Return to Boom and Bust".

Of course the Global recession is a contributory factor but not exclusively as the Labour Government with Gordon Brown as Chancellor of the Exchequer from 1997 to when he became Prime Minister in 2007 have a tremendous amount to answer. Quite simply in the good years they failed to stock the Granary.

Ed Miliband has stated that the Increase in VAT is the wrong tax at the right time I have to ask what seems a more obvious question is he not the wrong man at the wrong time.

There can be doubt that Ed Miliband is a political opportunist. He was, after all, a member of the Cabinet that according to Lord Mandelson's memoirs wanted to raise Value Added Tax. Not on one occasion but actually twice once in November 2009 and again in March 2010. This obviously goes a long way to make Ed Miliband's attack on the VAT increase look some what less than cautious. These proposed increases were vetoed by the then Prime Minister Gordon Brown. The question has to be asked were these at that point of time tax increases that were correct. I do not think that Ed Miliband would know his brother David however might.


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The author writes many articles on taxes and for more information please go to Ed Miliband.