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Shadow chancellor claims Mervyn King doesn’t agree with austerity measures

first_imgSunday 30 January 2011 11:07 pm whatsapp Share whatsapp Shadow chancellor claims Mervyn King doesn’t agree with austerity measures KCS-content center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Tags: NULL Show Comments ▼ More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comWhy people are finding dryer sheets in their mailboxesnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com JUST weeks into the job, and Labour’s new shadow chancellor is beginning to shape the argument on the economy far more than his predecessor Alan Johnson ever did. But Ed Balls’ key arguments are disingenuous at best. Here City A.M. picks them apart. 1. High levels of public spending did not cause the financial crisis.“Do I think that… too much spending caused the crisis? Absolutely not.” A classic straw man argument. No-one says that overspending by Labour caused the crisis. But the IFS and OECD say the UK entered the crisis with one of the biggest structural deficits in the world, meaning it hit the country far harder.2. I agree with Mervyn I think [Mervyn King’s] been quite right not to raise interest rates. But it’s very important that he resists pressure – and we’ve had it from the Conservative party – to raise interest rates.Balls knows that the Bank of England will likely have to raise interest rates this year: this kind of statement suggests Labour will try to pin the blame on the Tories.3. Mervyn agrees with meI don’t think that Mervyn King in his heart of hearts really believes that crushing the economy in this way is the right way to get the economy moving. Simply untrue. King has gone to great lengths to back the government’s austerity measures, occasionally to the consternation of his colleagues. If King were to repeat his support, Balls would say he was only trying to reassure markets. last_img read more