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Has Ed Miliband said sorry? |
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This morning on Radio 4, Ed Miliband repeated that the big economic mistake of the last Labour government was a failure to regulate the banks properly, rather than to spend too much. But Brown, Miliband and Balls have to be held to account for making big and important long-term public spending commitments on the basis of money generated by a bloated banking sector that could not be relied upon.
That said, it is worth noting that only days before Northern Rock went kaput, and City euphoria evaporated, George Osborne as shadow chancellor was pledging to match the Labour government's promises to continue increasing public expenditure.
In other words, Osborne was in effect part of Sir Nick Macpherson's blinkered economic establishment. Even so, it doesn't make Brown, Miliband and Balls less culpable that Osborne also failed to identify that the government was living beyond its means. Read more > |
Robert Peston Economics editor |
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