Haldane breaks free from his role as Labour cheerleader to explain one area where he thinks the Conservatives have the edge. They are more committed to investment in the private sector and less pressed to borrow money to pay more money to Government owned public services.

A week before the budget with Haldane rumoured to be influential in the Treasury this is a well-timed dig as expansionism within Government for Government by Government. This from the article pictured above

There are three groups of consumers particularly hassled for  their hard earned money right now

1. Those paying more in mortgages to live in their houses and flats (the latter also paying absurd charges to be a long term tenant)
2. Those needing to pay a lot more into their pensions to meet their needs in retirement
3. Those who are paying away their inheritance to carers so they can live out their final years in something like comfort.

They are particularly hit because they have no way out of their dilemma but cut back. But we all are suffering from inflation and from wages that have not kept up with the cost of living for some time.

There aren’t many people long-term working in the public sector who aren’t taken care of by their pension , there aren’t many who have finished their mortgage who don’t enjoy their property (though that doesn’t go for renters who no longer have council housing to rely on), there is no way out of long-term care if you have no health- you may not have the capacity to manage your affairs.

Consumers working in the private sector are suffering most from the cost of living; -the burden of low wages and high bills. The way out of this is for Government to bring down borrowing . Reducing long-term mortgage rates and taxes on private businesses is needed. Growth is the way we get out of high borrowing for projects we cannot yet afford. The Government hasn’t got the money, our pension funds have.

I am with Haldane in hoping that we will not see huge amounts of private sector money transferred to make Government bigger and bigger.

But I have some confidence that isn’t found in Haldane’s article and that is that we appear to have some control of fiscal policy in a way that hasn’t been adopted in European and American partners. Looking at France, Italy and Germany I am pleased that we have got this control as they career downhill. I am pleased that we are not borrowing as the United States is borrowing.

But I want to see investment in Britain for my own sake and for generations that come after me. As Haldane says, that investment must be made in businesses that can grow Britain and ensure we have increasing GDP for  a long time to come.