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Balls the Architect…

The nominatons to the Shadow Cabinet are closed and the voting will soon begin, with the result being announced on the 11th October, Ed Balls is vyeing for the post of Shadow Chancellor against his wife, the Shadow Work and Pensions Secretary, Yvette Cooper.

Balls claims he is the architect of New Labour’s economic policy, an economic policy that abandoned Labour principles by embracing the free market and the deregulation of banks that led to the arrogant claim of ending boom and bust. It can also be argued that such a policy led to the economic predicament we, as a country, now find ourselves. A post-recession economy where growth is still fragile, record levels of private and public debt – a clamp down on credit – all due to the liberalisation and deregulation of the economy and running the economy on debt and credit when times where good.

Labour’s new leader, Ed Miliband, has already distanced himself from the party of Blair and Brown – how will Ed Balls, the ‘architect’ of New Labour’s economic policy, fit in with Mr. Miliband’s vision?

On paper he won’t. In reality he will have a tough fight on his hands as Yvette Cooper is a competent economist and has transformed the DWP while she was there. Balls favours a slowing of the cuts to an impossible level instead relying on the proceeds of growth to reduce the deficit. As we have already discussed in a previous post, while he is technically correct in his approach, his approach is unrealistic. Cooper, as far as we are aware, is more in line with Mr. Miliband’s own approach to reducing the deficit – reduce the deficit by half over 4 years, but slow the rate of cuts by increasing taxes.

Balls, as is Ed Miliband, is tainted by the Blair-Brown era of Labour but, as Leader, Ed Miliband has the opportunity to redefine himself and the Party. Will Balls be able to do that? Yvette Cooper was not marked as a Brownite or a Blairite in the previous administration and already has the cleansheet to start in the New Generation.

Time will eventually tell who will be Shadow Chancellor, we hope it’ll be Yvette Cooper, we know that both will be in the Shadow Cabinet, but where we have no idea. Just don’t hold out for the outside contender grabbing the top spot.

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