Ealing and Northfield

Chameleon rides again

Labour are rolling out the Chameleon Party Political Broadcast again today. Follow link for a preview. It does seem a bit rubbish that Labour are wasting their national TV airtime on a cartoon. Even when they raise issues they are raising the 14 year old ERM exit after they have been in power for 9 years. Maybe they think that by reminding local election voters about supposed past Tory economic incompetence they will forget Labour’s incompetence in every area from prisons and unfettered immigration to the NHS.

Even the Tory incompetence slur is unsustainable if you review the facts:

  • in 1992 John Smith and Gordon Brown were in favour of the ERM as were most of the chattering class economics commentators at the time
  • interest rates hit 15% for less than a day, they were 10% the day before, 10.5% the day after, 9% a week later and 8% a month later
  • the regime of monetary policy that Norman Lamont put in place after the ERM debacle was taken over by New Labour and given to the Bank of England and is the basis for Britain’s relative out performance ever since
  • Gordon Brown, being the worst kind of partisan politician, will not acknowledge his predecessors and their permitting Brown and Ed Balls to meet with the Bank of England before they came to power to ensure economic continuity
  • the ERM thing cost a lot less than is popularly imagined (ie £3.3 billion estimated by the Treasury see article)
  • this figure is only slightly more than the £2 billion plus (see Scotsman or Times) that Brown allowed the Treasury to waste by selling our gold reserves early.

Maybe Labour should tell us how it is going to sort out the Home Office and make our young women safe from being murdered by foreign criminals with long records who seem to be to enter the country easily (and just disappear again after their prison sentences in the unlikely event that they are caught).

2 replies on “Chameleon rides again”

Unfortunately, Labour, despite favouring ERM themselves were able to capitalise on the mistake and place the blame fully on the Conservatives. As has been remarked previously, the 1992 election was probably a good election to lose.

With regard to Gordon Brown selling off British Gold reserves – while it is true that the scale of his failure was enormous and unreported by the press, this is in no small part because it didn’t actually effect anyone noticably. ie. nobody lost huge ammounts of money, nobody’s mortgage rate suddenly shot up. The electorate only care about something when it’s in their face obvious, or perceived to be so.

I don’t think we need to worry too much though. At the current rate of Labour decombustion (though we don’t want to be complacent either) Gordon and his merry band of half-wits shouldn’t have much trouble digging even bigger holes for themselves.


Did you have a mortgage then? I repeat interest rates hit 15% for less than a day, they were 10% the day before, 10.5% the day after, 9% a week later and 8% a month later.

I paid £590 in January 1992, £492 February – December and £405 in January 1993. I am not sure that I felt any pain. It was a bit of a shock. I was about to meet Co-operative Bank’s Treasurer that day and funnily enough he had better things to do at 11am when we were due to meet. It was a shock because pretty much everyone thought that the ERM was a no-brainer.

We have all fallen for a total lie.

Cheers, Phil

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