Hat tip to Conservative Home

Mark Wallace has an excellent piece on Conservative Home today here about how Ed Miliband's speech started by losing the taxpayer a billion pounds, and went downhill from there.

As Mark pointed out, Miliband's badly-thought-through proposals for bank regulation, which were promptly criticised by the governor of the Bank of England, had the effect of wiping billions of pounds off their share price - including a £940 million off the value of shares currently owned by the taxpayer following the bank bail-out.

As Mark says,

"Labour leaders normally wait until they’re in Government before they cost taxpayers a fortune – Ed Miliband has achieved the dubious distinction of doing so while still in Opposition."

(and that's after he has already put up the price of energy while in opposition.)

Other highlights from the article:

" ...the economy is once again eroding Labour’s narrative – having refused to apologise for their economic and fiscal mistakes, or for their false predictions of the disastrous impact of austerity, or for backing Hollande’s failed Plan B prescription in France, they are now simply sticking to a script regardless of how it gels with reality.

... their proposed solutions for the banks are painfully out of step with the real, digital revolution which will sweep away flawed and failed business models.

"The mysterious absence of Ed Balls not a man renowned as a wallflower, or for keeping himself to himself – in the very public relaunch of Labour’s economic policy suggests that perhaps some of those standing behind the Opposition leader know quite how badly things are going, and are losing their appetite to be associated with it."

As mentioned, you can read the full article at ConHome here.

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