Todays press is full of stories about the speech Ed Milliband will make later today setting out the policies that Britain needs to move us forwards.
Mr Millibands key ideas are bank reform, infrastructure investment and a 10% tax rate.
This comes from the leader of a party that believed that light-touch regulation would be best for British Banking, and as a result presided over the biggest failure of British Banking since the 1920’s. The sub-prime mortgages, the fixing of libor rates, the bank bailouts and the failure now to invest in small business and mortgages is all down to 13 years of failed Labour government, and the man that Mr Ed has put in charge of sorting all this out was the man who was behind the original failures, Ed Balls. I know that they say that two Ed’s are better than one, but the joke is wearing thin.
This comes from the Leader of a Party which not only invested less in infrastructure in 13 years of Government than the coalition has invested in 5 years, but which ran for the last general election on a platform of reducing infrastructure spending even further. Furthermore Labour’s key mechanism for making infrastructure investment was the disgraced Private Finance Initiative in which they handed over our hospitals and schools to the private sector, for them to rebuild them and rent them back to the state. It was Labour’s privatisation of our hospitals that has caused the financial crisis the NHS now faces. Labour has also threatened to remove the ring-fencing of the NHS budget, which will result in a 20% cut in NHS funding under their plans, clearly the NHS is not safe in Labour’s hands.
This also comes from the Leader of a Party which introduced a 10% tax rate and then withdrew it. Thanks to Liberal Democrats in Government everyone who would have benefitted from Labour’s 10% tax rate has now been lifted out of paying tax altogether. Labour’s proposal is to bring millions of people back into tax by lowering the tax threshold and re-introducing a 10% tax rate. They are doing this in order to fund a VAT cut that will only benefit people who are spending more than £ 28,000 on vatable goods.
I would point out that with an average wage of around £ 21,000 most Manchester residents will never spend that amount of money. What’s more, even those who do will have had to pay for their fuel, rent, and basic food before they begin to spend that amount. It is now absolutely clear that the Labour Party is a party for the rich, leaving the poor to be protected by the Liberal Democrats who, in Government, have lifted over 2 million people out of paying tax all together, and have cut taxes for over 25 million people in this country.
The Liberal Democrats have also secured:
- £ 2.5 billion in additional investment in education through the pupil premium and nursery places for all 2 years olds;
- Massive investment in research and development into new technologies such as Graphine;
- Billions of pounds of investment in our railways;
- Billions of p0unds of investment for new housing;
- Billions of pounds of investment in small business and green investment;
- Bulk energy switches saving ordinary people money on their fuel bills;
- The Leveson inquiry resulting in protection of personal privacy;
- The abolition of the National ID Cards;
- Withdrawal of British Troops from Labour’s illegal war in Iraq;
- The recognition of the Military Covenant in UK law for the first time;
- Over a million more people employed now than when Labour left office;
- Youth unemployment falling for the first time in 20 years;
- Manufacturing industry rising as a percentage of GDP from 8% to nearly 20%;
- Steel being manufactured in the UK again;
- Britain being a net exporter of cars for the first time since the 1970’s;
- Ringfencing of our NHS Budgets, and an end to Labour’s privatisations;
- The biggest pensions increase since the state pension was introduced;
And much, much more.
Mr Milliband has a record of 13 years of failed Labour Government to fall back on, no wonder he is trying to distance his party from everything it did back then.