Address to Fabian Society

Uploaded by: Daedalus on 15/01/2012

Synopsis: Ed Balls: Ed Miliband and I have argued for a global plan for growth, with clear medium-term plans to get deficits down, but stimulus now to avoid a global slump too. Rejecting the compl acent isolationism of the 1930s and instead following Keynes’ lead by setting out a global solution to global problems – an economic alternative based on growth, job creation and balanced deficit reduction, which is the only sane way forward for Britain – and the only way back to credibility in the Euro area too. Let us be honest: the Eurozone crisis is a catastrophe building week by week. And the pre-Christmas summit was a disaster for Europe and the Euro and for Britain too. Europe’s leaders failed to back decisive action by the European Central Bank; they did not address the issue of the current fiscal straitjacket; and they still have no plan for jobs and growth – hence the downgrades of the past 24 hours. And did our Prime Minister bang the table and demand action? No, he walked out and undermined our national interests as he did so. Given the huge risks that the Eurozone crisis poses for Britain, we desperately need a Pri me Minister and Chancellor who can lead in Europe. But they can’t – and not just because their party won’t let them. Because to do so means also admitting that they have got things wrong here in Britain too.

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Speech Tags

• Ed Balls, MP, UK Shadow Chancellor
• UK
• Labour Party
• Economy