This is an unusual, must-read article from the liberal NYT. It’s a good read. Check it out!
The NYT tried to be balanced but in my view the article was too pro-Miliband. Still it was a refreshing read compared to the the UK media that has a very strong bias towards either the left or right of the political spectrum. However, I agree with the NYT when it described Miliband as ‘wonkish, indecisive and gawkish’.
The NYT article was not kind to David Cameron nor the achievements of the Conservative-led coalition. It failed to make the obvious statement that Cameron was a safe pair of hands, whereas a Miliband, left-wing government would be very high risk indeed, perhaps radical, especially with the SNP’s Nicola Sturgeon being more decisive than Miliband.
Let me highlight some of the risks:
- Expect the financial markets to take a dim view of a hung parliament or a left-wing coalition. Stock markets and Sterling are likely to show sharp falls.
- Watch for the reaction from big-business, especially financial services. A Labour led government will precipitate companies moving overseas or offshore. This will reduce investment, jobs and confidence in the UK.
- Many of the high-paid, highly-skilled expats will leave the UK, taking their expertise with them.
- Expect many UK high-earners and the wealthy to leave the UK too, taking their expertise and resources offshore. On the other hand, immigration is likely to climb under Labour, as in previous Labour governments.
- Watch for reversal of policies in the public sector. Starved of cash under austerity, there will be a marked reversal. Despite a Labour government, expect strikes as unions fight each other for the most-inflationary pay rises.
- Focus on public sector productivity, which is already weak compared to international benchmarks – expect public sector productivity to decline further under Labour. In other words, Labour will signal the return of ‘big government’ and paternalism – individualism, creativity and entrepreneurship will be starved.
- With a strongly left-wing Labour Government, expect the UK’s influence in the world to continue to decline.
- With Labour in power, expect the Scottish Nationalists to pull the strings, so there will be increased pressure for a breakup of the United Kingdom, with the associated consequences.
- In terms of foreign policy, expect the US to continue to play down the ‘special relationship’, unless the UK seriously ups military spending – and the UK would need to be ready to engage overseas, perhaps like in Iraq under the former Labour Prime Minister, Tony Blair.
- Most importantly, international terrorists would see a Labour government as weak and perhaps an opportunity.
Surely, David Cameron is a safe pair of hands compared to the very high-risk Red Ed?