Ed Miliband: The Economic Big Speech! Err, where was it?

At the beginning of this week we were told that little Ed Miliband was going to be making a big speech on the economy on Friday. Ooh, excitement! Was it going to be embracing the coalition spending plans? Was it going to be a change to business rates? Was it going to be a new prices and incomes policy? Was he going to go for a flat tax system? Was he going to go all out for reflation? Nope. Nothing like it.

Banker bashing. Again. I've lost count of the number of times that he's had a speech on banking. Monthly he seems to change where the tax on bankers bonus is going to focus, I can't remember this month whether it is for new homes, 'creating' jobs, or a new sheepdog for every second house. Never mind that in the next breath he wants to reduce bankers bonuses - which obviously means he'd get less for his latest pet project spending! But don't let economics get in the way of his economics speech!

This time, he wants to create new challenger banks. He thinks the banks are too big. Remind me, who was it who allowed the banks to get bigger? His gang. Who was it who forced the solvent Lloyds to ruin itself bailing out HBOS? His gang. Who was it who allowed Santander to buy up loads of banks such as Alliance & Leicester, Bradford & Bingley ? His gang.

A bit late to start saying the banks are too big now! Never mind bloody hypocritical! Mind you, should we be surprised. Anyway, why does Miliband think its up to the Government to create some new banks. We've already got one big one that we're desperately trying to get rid of. Andrew Neil made the valid point, too, that these banks won't have much capital and so are unlikely to provide large amounts of funding for SME's as required by Mr Miliband. So a load of rubbish really.

Going back to the charge of hypocrisy, earlier this week Mr Miliband found his old note about the squeezed middle down the back of the sofa and decided to read it out again. Everyone knows that if Labour get back in rather than spending cuts there will be tax rises. To get the most bang for your tax increase, it's the middle that gets hit. Labour's usual instrument of torture is via National Insurance. So be very wary of Red Ed's middle-speak, he's no Tony Blair.

So, move along. Nothing to see here.

Squiffy.