What a Balls-up, Ed is back

Ed Balls, the man who is responsible for Britain’s economic mess, is back in the Labour shadow cabinet. Ed Balls isn’t just a deficit denier; he’s a deficit enthusiast.

It was Ed Balls who decided to let the bankers run riot and it was Ed Balls who ensured that our economy was unable to deal with any economic downturn.
Despite that he still refuses to accept that Labour made any mistakes on the economy. He’s not a deficit denier, he’s a deficit enthusiast.

Ed Balls on banks:

  • ‘Nothing should be done to put at risk a light-touch, risk-based regulatory regime’ (Bloomberg Speech, 14 June 2006).
  • ‘I believe we are right to avoid prescriptive, heavy-handed regulation in Britain’ (Balls, ibid.).
  • ‘In my first speech as City Minister at Bloomberg in London, I argued that London’s success has been based on… light-touch principle-based regulation’ (Speech to The Hong Kong General Chamber of Commerce and The British Chamber of Commerce, 13 September 2006).
  • ‘It is important that the FSA continues to deliver a light-touch and risk-based regulatory approach’ (14 June 2006).
  • ‘[The Labour government] will outlaw the imposition of any rules that might endanger the light-touch, risk-based regulatory regime that underpins London’s success.’ (13 September 2006).

But now:

  • We should have ignored Tory and City claims that we were being too tough on financial regulation and been much tougher still. (Independent, 24 January 2011)