Left-wing politicos were winded by Biden’s genius economic strategy of… protectionism. The Inflation Reduction Act, a $369 billion subsidy programme for US-based companies, was met with breathless reactions from Labour politicians in the UK. Ed Miliband accused Grant Shapps of being “deeply complacent” by failing to replicate the policy and said plainly of the “global race for green jobs“: “We should match the ambition of President Biden’s Inflation Reduction Act and stop moaning about it.” The IRA’s early results don’t bode well for its replication in the UK…
The FT now reports 40% of the largest manufacturing investments announced as part of Biden’s flagship bills have been paused or delayed. High costs and slowing demand are kiboshing eco-investment projects – foregoing the “green growth” that was promised with them. Reeves announced that “globalisation as we know it is dead” while unveiling Labour’s replica of the Biden subsidy programme. Labour is starting to realise the myth of “state-driven growth” won’t save them now they’re actually in power…
Despite ‘control freak‘ Sue Gray’s not-so-svengali wrangling causing chaos with government appointments, Labour SpAd teams are coming together and beginning normal operation. Over at DESNZ Ed Miliband’s squad brings some unorthodox ideology to the table…
Miliband is retaining his long-term advisers. Guiding the UK’s energy policy operation will be climate activist Tobias Garnett, the former coordinator of Extinction Rebellion’s legal strategy team who represented the road-gluing activists in court. Garnett believes our trajectory is currently “descending swiftly into a politics of ecofascism forged in the crucible of scarce resources, droughts, floods, climate wars and forced migration.” Doesn’t quite sound like politics that will “tread lightly on people’s lives”…
Also on the team is Jonty Leibowitz, whose passion is arguing for socialist reforms to football that include:
- A 100% tax “imposed on transfers from abroad“. Just like China’s…
- Extra 2% tax on all transfer fees with higher rates from Premier League clubs.
- To fix “the deep wealth inequalities between the men’s and women’s games“, introduce a “mandatory wealth tax or levy for all clubs which do not promote equal resource and pay for both games“. An own goal against your own national sport…
When it comes to his energy brief Leibowitz’ contribution is a policy paper which argues that “regional banking” should be forcibly re-oriented to “financing the energy transition“. Ideas shared by radical Corbynite and “green” bank devotee Miatta Fahnbulleh – recently appointed energy minister…
SpAd Eleanor Salter’s focus is “integrating nature into the climate offer“. Salter thinks a “fundamental shift” is required to deal with the “climate breakdown“, which includes “taking many cars off the roads altogether.” Her other “nature” proposals include allowing anyone to traipse across private property to make “the countryside open to all” but especially to gypsies, whose “access rights are already under threat from the authoritarian Police, Crime, Sentencing and Courts Bill, which seeks to criminalise trespass.” And who would have guessed that Salter once said our “best sources of hope” come from Jeremy Corbyn, and that Extinction Rebellion has been “hugely successful… a great accelerator for activism”…
SpAds are often relied on to temper the barmy ideas of their Cabinet Minister. No chance of that in Ed’s team…
Camilla Tominey interviewed leadership hopeful Mel Stride this morning. The rest of the Sunday shows are on holiday…
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You’re either in front of Guido, or you are behind…
Speaking at his speech on how to achieve “progressive capitalism” Wes Streeting fired a dig and Andy Burnham:
“Bond markets are not bond villains and fiscal rules matter.”
