British politics — the current state of play

The Conservatives are in serious trouble — their underlying deregulatory narrative has been totally blown out of the water by recent events.
But that still leaves Labour in big trouble too — for their underlying narrative was barely different. Brown was a high-priest of light-touch financial regulation: it is frankly sickening now to see him posturing as a saviour.
…It is deeply premature to think that there has been a death of New Labour.
For Brown isn’t doing enough to save us from financial and economic ruin. As I have argued repeatedly (see various posts below), this government’s continued neo-liberal instincts are still hobbling it at almost every turn. Still, LIBOR is high; still, small businesses (and large ones!) are going to the wall without access to credit lines; still, the banks are being allowed to operate at arm’s length… There is a pitiful failure of nerve in the government, a pitiful failure to grasp the historic opportunity here, which a Roosevelt would not fail to grasp.
And that’s only the government’s failure on the financial and economic front. Its failure on the environmental front is far more reckless and complete. The pre-budget report recklessly promotes the trashing of our environment for uncertain short-term economic gain. This is an utter and heart-rending (when one thinks of those who will suffer from it) failure/absence of vision.
We need the banks democratically controlled (or re-mutualised), (and) we need a Green New Deal. ( ) These are what the Green Party is calling for. By contrast, Labour’s sad little offerings will not fundamentally change its fortunes — still less, those of our civilisation, which, on current form and with current trajectory, is heading fast for the rocks, no matter whether Brown or Cameron ‘pilots’ our portion of it.

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