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Labour’s Collective Amnesia

Ed Miliband has recently been telling the press that he was the one who invented “responsible capitalism” in his conference speech last September. Today Labour’s Stephen Twigg said that it was a testament to Ed’s leadership that he started talking about Labours version of “responsible capitalism” about predatory and producer businesses and now, the other two leaders were falling over themselves trying to get in on the action.

This simply isn’t the case. If you want to watch Ed Miliband’s conference speech its here or if you don’t want to watch all 55minutes, you can read the transcript here.

A week before that speech, Vince Cable gave a speech to Lib Dem conference on the economy. You can watch here and here or read the transcript here.

Ed Miliband in his conference speech mentioned responsible capitalism a total of zero times. His catchphrase in that speech was a “new bargain” not about any so called responsible capitalism. There was also a lot of waffle about predatory and producer business which got very confusing.

Vince Cable, in a speech that lasted a third of the time mentioned responsible capitalism a total of 3 times. He also mentions the responsibility of the government and the Bank of England to help the economy.

As Nick Clegg pointed out in his speech at the beginning of the year on capitalism, the Liberal Democrats have been fighting for a responsible capitalism well before Cable’s speech. It was Vince Cable that warned in 2006 that bank lending had become “recklessly irresponsible” and Labour just laughed. That is their commitment to “responsible capitalism” to preach in opposition about it but laugh at it when in government.

Once again Ed Miliband has shown that he is incapable of leading but very capable of hopping on a bandwagon.

It was Liberal Democrats who coined the phrase “responsible capitalism” and the Liberal Democrats who’ve been fighting for it long before Labour woke up hungover from the irresponsible capitalism that they helped to create.

Categories: Uncategorized
  1. Daniel Henry
    February 5, 2012 at 12:55

    Don’t forget to add that in that speech Cable also first announced that he would be taking on excessive boardroom pay, a whole two months before the issue burst into the media and Labour finally jumped on the bandwagon!


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