Apologies to D:Ream and Oasis fans!
During the election campaign I submitted several posts warning that the advent of a Labour Government would not herald better times.
This was in no way an exhortation not to vote Labour, but merely a forewarning that life under a Labour Government led by Sir Keir Starmer might not feel that much better than it did under the previous Conservative administration.
Sir Keir himself has now told us that things will get worse before they get better. Pity he didn’t say that during the campaign; he could have taken credit for his honesty, a rare commodity among politicians these days.
Of course, much blame can be attached to the 14 years of Conservative rule, especially the Johnson and Truss administrations when we witnessed greed, lies and incompetence on an unprecedented scale. But that is only a small part of the story.
For the last 45 years or so – including the Blair era – the UK has been in relative decline. Both Labour and Conservative governments have pursued policies that have, quite intentionally, massively increased disparities in income and wealth. The interests of “working people” have been largely ignored.
There is nothing to suggest that things are going to change. There may be some tinkering at the margins, but the UK’s problems run so deep that only a dramatic change of course will have any real impact. There is little or no prospect of economic growth on a scale that would do more than scratch the surface. Forget the £22 billion “black hole” (a good portion of which is down to entirely justifiable increases in public sector pay, authorised by this Labour Government). What is needed if there is to be a serious attempt to “level up” is something akin to the £1,700 billion spent over three decades on absorbing the former DDR into a united Germany. Where is that to come from in a near stagnant economy with endemic levels of low productivity?
Sure, Labour has to start somewhere. That somewhere is going to be defined principally by the forthcoming Budget on October 30th.
That’s where the rather uninspiring honeymoon ends.
And for students? Tuition fees are long overdue for an increase and the threshold for repayment of Plan 5 student loans is frozen at £25,000 until at least 2027.
So “Things Can Only Get Better” rings a little hollow. Even “Definitely Maybe” is a bit optimistic.