Flaws in the Ed Balls "Cost of Living Crisis" Attack Line

Labour’s developing retail offer to the voters centres on the cost of living, in essence they will ask the voters on election day “Are you better off now than you were 5 years ago?” Which is why this week – with good economic news abounding – Labour’s twitterati were ignoring jobs and growth and instead chorusing in North Korean style synchronised tweeting this infographic:

lab-cost-of-living

The infographic shows that real wages have fallen behind inflation. A factually correct statistic.

Guido fails to understand why the government parties are not  aggressively countering the Ed Balls cost-of-living crisis attack line with the truth that the average mortgage is £1,000 cheaper because of lower interest rates. Mortgage affordability is clearly illustrated by the fact that, according to data released yesterday by the Council of Mortgage Lenders, mortgage arrears are dramatically lower now compared to where they were when Ed Balls was last in government:

cml-arears

Throw in the income tax threshold hike (£493), the savings from holding down council taxes (£210) and you have already countered the Balls attack in cash terms – and some – at £1,703. Meaning that in terms of disposable income the “average working person” is better off. So why is this point not being made by Tory and LibDem attack dogs more forcefully?

If in the Autumn Statement the Chancellor rolls back some green taxes, brings back the 10p income tax rate or raises the tax threshold again, in terms of disposable income the voters will be even more better off in 2015 than they were in 2010. To the question “Are you better off now than you were 5 years ago?” the answer has to be “yes”. If it isn’t, the Coalition parties will deserve to lose in 2015.




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Quote of the Day

David Cowling, the BBC’s head of political research, in an internal memo…

“It seems to me that the London bubble has to burst if there is to be any prospect of addressing the issues that have brought us to our current situation. There are many millions of people in the UK who do not enthuse about diversity and do not embrace metropolitan values yet do not consider themselves lesser human beings for all that. Until their values and opinions are acknowledged and respected, rather than ignored and despised, our present discord will persist. Because these discontents run very wide and very deep and the metropolitan political class, confronted by them, seems completely bewildered and at a loss about how to respond (“who are these ghastly people and where do they come from?” doesn’t really hack it). The 2016 EU referendum has witnessed the cashing in of some very bitter bankable grudges but I believe that, throughout this 2016 campaign, Europe has been the shadow not the substance.”

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